Cyber insurance
Why do I need Cyber insurance?
Businesses of every size rely ever more heavily on technology and data to survive and thrive. But they are also learning how this reliance can leave them vulnerable. Cyber attacks have become more frequent and more sophisticated in the last year. How would your business cope with a breach in data security? What if that breach lost you customers, or affected your ability to trade and interact with suppliers?
Traditional insurance might cover electronic equipment against fire, flood or theft, but it won’t cover what is really important if your systems are breached or data is lost.
If you want to protect against the financial impact of cyber security failures, then make sure you arrange cyber insurance, also known as data protection insurance, for your business.
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What should my insurance cover?
Many policies can be extended to include a range of benefits such as:
Payment of fines & penalties
Payment of ransoms & extortion
Cover for lost or disrupted income
Cover for physical injury/damage
The cost of phone hacks
Cost of notifying your contacts
Incidents at your outsourced service providers
Social media risks
What is cyber insurance?
You are responsible for the data held within your business, as well – of course – for the quality of your computer systems. Any cyber attack or data breach can result in costly restoration and recovery of systems and data. Cyber and data protection insurance specialists can step in, to make sure any associated costs and loss of income are covered.
Prevention is hugely important, so proper cyber security, staff training and accreditations such as Cyber Essentials certification are all vital. But when things go wrong, as with other areas of your business, insurance should be there to minimise the costs and disruption. As awareness of cyber and data insurance increases, it is now the fastest-growing class of insurance.
Watch the video below for more information about Cyber Insurance from Sutcliffe & Co.
