What Does a Cyber Liability Policy Cover?

Cyber Liability Insurance – a crucially important policy cover to research and take out in order to protect your business and correspondents from any potential privacy threat. Do you qualify as one of the following:

– Are you a businessman/woman?

– Do you manage a large corporate company?

– Or an SME

– Perhaps you are self-employed? 

 

In today’s day and age there are so many roles that require the use of digital technology to run certain aspects of a business, from the digital marketing of a brand, to managing the finances and accounts and many more. Therefore it is incredibly important to take out the correct and valuable Cyber Liability Insurance cover to protect your business, no matter how big or small. 

 

What Is The Need For Cyber Liability Insurance Cover? 

 

With so much of our daily correspondence communicating through mobile phones and laptops/computer devices these days, it is inevitable to say that cyber attacks are on the rise. With so much valuable and important information literally at our fingertips, it is becoming increasingly easier for hackers to worm their way through your accounts to pluck out the information they are looking for. It is reported that in July 2019, there has been a record of 2.2 billion records leaked of data breaches and cyber attacks! Therefore there is a crucial importance to ensure that YOUR business is protected by a trusty Cyber Liability Insurance cover to protect yourself from possible dangers. 

 

What Are The Risks If I Don’t Have Cyber Liability Insurance?

 

Human Error – This could include loss, theft or unauthorised access. 

 

Cyber Criminals – With the purpose to attack your online presence or stored data. 

 

Held Data – When an individual or illegal enterprise take data from you and threaten to only restore things once they have received a payment. 

 

How Can I Manage My Cyber Risks?

 

You can manage your cyber risks by:

 

– Evaluating first and third party risks associated with the IT systems and networks in your business.

 

– Assessing potential events that could cause first or third-party risks to materialise. 

 

– Analysing the controls that are currently in place and deciding whether they need improvement. 

 

In addition to these steps, the most obvious way to protect yourself from cyber risks is of course, with a legitimate insurance policy. 

 

What Is Cyber Liability Insurance?

 

A Cyber Liability Insurance policy simply covers the losses relating to damage to, or loss of information from IT systems and networks. If your business does rely on IT equipment to store information and confidential data then you are at risk of being exposed to business interruption, a potential loss of income and possibly reputational damage if your systems are failed or interrupted. If your business holds particular information such as sensitive customer details, relies heavily on IT equipment to conduct business and/or uses payment processes with card information, then it is vital that you get on board with a Cyber Liability Insurance policy as soon as possible. 

 

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What Cyber Liability Insurance Cover Can I Get With Todd And Cue?

 

As previously mentioned, cyber risks can fall into first party or third party risks. The following policies cover: 

 

First Party Insurance Cover

 

This covers your business’ own assets. 

 

– Loss or damage to digital assets

– Business interruption from network downtime

– When third parties threaten to damage or expose data if money is not paid to them

– When there is a regulatory requirement to notify customers of a security or privacy breach

– Reputational damage 

– Theft of money or digital assets through the theft of equipment or electronics.

 

Third Party Insurance Cover

 

Covers the assets of others, typically your customers. 

– Security and privacy breaches, the investigation, defence costs and civil damages associated

– To cover investigation, defence costs, civil damages stemming from defamation, breach of privacy or negligence in electronic or print media

– Loss of third party data

 

Contact Us

 

If you wish to enquire more about our Cyber Liability Insurance Policies then please don’t hesitate to get in touch with us and we would love to help you. Give us a call on 0191 482 0050 or email us at info@toddcue.com

 

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