Cyber and Data Breach Insurance
Cybercrime is on the increase and this is becoming an increasingly serious issue for businesses throughout the UK. Cyber losses are now the largest recorded offence in the UK, overtaking physical crime.
So how do you protect your business from a cyber-attack?
Businesses may be time poor, or for SME’s, they just don’t have the resources in place that bigger businesses do. Consequently, businesses often struggle to put in place the adequate protection against potentially financially damaging cyber attacks.
For smaller businesses, the most common types of cybercrime are phishing emails, spear phishing emails, and malware attacks, with hacking and fraud, a common concern for all businesses.
To combat this, most businesses use computer securing software, along with regular updates of their IT systems. However, many businesses don’t have the adequate insurance cover to protect them should a cyber attack happen.
In addition to potential financial losses and damage to reputation from a potential cyber attack, there are also serious regulatory fines, following the 2018 GDPR regulations.
A Typical Package
A typical Cyber and Data Breach insurance package will include the following covers:
Cybercrime insurance cover will support and protect your business if it experiences a data breach or is the subject of an attack by a malicious hacker that affects its computer systems. It provides comprehensive cover and reputation protection in the event of a claim.
Cyber-extortion cover provides cover for extortion-related expenses and payments that you need to pay, as a result of a cyber-extortion threat.
System damage insurance cover, covers damage or theft of data that has been stored on your computer system
Business interruption insurance will protect your business against the financial loss suffered as the result of a claim. Your business will be covered for the income that you would have received had the incident not happened.
Cyber and privacy liability policies cover a business’s liability for a data breach in which the firm’s customers’ personal information, such as credit card numbers, are exposed or stolen by a hacker or other criminal who has gained access to the organisation’s network.
Reputational harm insurance provides cover for lost profit attributable to cyber-attack or data breach.
Frequently Asked Questions
We have tried to answer some of the most common questions we get asked below.
Is Cyber and Data Breach Protection Insurance expensive?Cyber and Data Breach Protection Insurance is surprisingly cheap for the extent of cover provided, with premiums starting at £112 annually.
Will I have to change my computer systems and networks to take out the cover?No. Cyber and Data Breach Protection Insurance cover can be put in place based on the existing arrangements of your system, although advice may be given to assist you, from a security point of view.
In the event of an extortion threat, will I have to deal with criminals and hackers to resolve the problem?No. The insurers have specialist ransom specialists who will deal with matters, such as these, on your behalf.
Can such events keep happening repeatedly, once a breach has occurred?Your insurers forensic team will examine your computer systems to identify how the initial breach occurred. They will also advise you on other areas of weakness and how these can be strengthened in the future.
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