Introduction to Cyber Insurance
However, it is not only the big companies being affected by this, small UK firms are also as likely to get hit by a cyber hacker, creating risks for all firms without cyber liability insurance. While in 2015/2016, 74% of small companies were hit by a security attack according to the Guardian. As it is more likely that a small company is unprepared for a cyber-attack on their company, therefore, it is on the rise to attack these small companies. With hackers preying on the fact that smaller companies have little or no protection, this creates an attack which is easier for the hackers. Showing the importance of getting the right cyber liability insurance for your company no matter how big your company is.
Benefits of Cyber Liability Insurance
- Giving business owners peace of mind. If anything does happen to the security of your business, then you will have peace of mind that you are covered.
- Insurance offsets the expenses of a data breach. Having insurance will benefit your company if you do experience an attack, making the cost for your company subsidized by the insurance.
- It’s more affordable than you think. Many businesses think that the insurance will take a big portion of your annual budget for the year, however, there are many different options available and which are affordable.
- Even if you don’t host your data yourself, you’re still responsible. If your website or data is stored in the ‘cloud’, then it is still legally responsible for the protection of this data, which cyber liability insurance will cover.