We live in a digital era where everything from banking to sending greetings cards and conducting business is done online. Unfortunately, as quickly as new technology is created, someone is learning how to disrupt that technology and access important information.. Cybercrime is estimated to have cost companies over $8 trillion in 2023 so it's vital to make sure you have the appropriate type of insurance cover in place to protect your business from this type of attack.
Cyber Liability Insurance
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What is Cyber Liability Insurance?
Cyber insurance will protect your business from digital threats such as a malicious cyber attack on your computer system or a data breach that leaks sensitive customer data. In the event of a cyber incident, this type of liability insurance can provide crucial support to your business with the management of the incident, dealing with the aftermath as well as covering any first or third-party financial and reputational costs. Financial losses tend to be things like theft of data, funds, or damage to digital assets.
Protect Your Business Against The Risk Of Intrusive Cyber Attacks
Any business holding data is, in our opinion, susceptible to cyber risk and ought to be considering protecting against this.. Without an adequate cyber insurance policy, your business will be liable for any costs incurred as a result of any attack. Estimated average costs per incident are increasing monthly leaving the very future trading of the business at risk.
Cyber insurance will protect it in several ways if it is the victim of a cyber-attack such as compensating for losses incurred as a result of business interruption, helping to recoup costs associated with recovering compromised data, or replacing damaged equipment.
A data breach can be a costly and time-consuming issue to put right. Cyber insurance will help you comply with any regulations and cover the costs involved in informing your customers and dealing with their concerns as well as supporting them.
What Is Covered By Cyber Insurance?
There are a range of different things your cyber insurance policy can cover, depending on the nature of your business. Here are some of the main cyber risks that could be covered:
Cyberattacks
A cyberattack is when someone hacks or gains unauthorised access to a digital device, computer system, or network and alters, destroys, or steals applications, data, or other assets. Cybercriminals may target an individual company or several at a time causing damage and disruption. The costs involved in dealing with this attack can be provided via the insurance policy.
Data Breach
When someone gains unauthorised access to the data you hold on your customers or patients, this can have a massive impact on them and your business. Cyber insurance cover will help you to manage the after-effects of this type of cybercrime, helping you to restore confidence and cover customer losses and guiding you through the process in dealing with the Information Commissions Officer.
Other Cyber Security Or Network Risks
Other areas that may be included in cyber insurance are ransomware attacks when criminals prevent you from accessing files, and supporting you to prevent an attack from happening in the first place through access to cyber security expertise, IT vulnerability assessments, and staff training.
Get In Touch For To Find Out More
Todd & Cue are insurance experts and can help you to get the right level of cyber insurance cover for your business to ensure it is prepared for and protected against a cyber attack.
Get in touch with our team today to talk through the type of cover you require and how much cyber insurance premiums will be for the policy you require. We can then help you protect your business from data breaches and cybercrime.