Cyber threats present a huge risk to businesses but many don’t have the technical or insurance plans in place to prevent them or limit the damage. Cyber Liability insurance provides businesses with protection against financial loss resulting from the loss of personal and /or corporate data. Cover addresses both the first and third party risks associated with a breach.
Any company which uses the internet is vulnerable to dangers including deliberate attacks by thieves and data losses caused by human error. Cyber risk is growing rapidly. At the moment, despite more than 80 per cent of large businesses suffering a cyber security breach in a 12-month period, only around 10 per cent have any form of cyber insurance. The Government has released statistics detailing the key findings from a 2016 survey.
More information about the survey can be found here.
Costs your business
Breach costs – We offer practical support in the event of a data breach (electronic or otherwise) including forensic investigations, legal advice, notifying customers or regulators and offering support such as credit monitoring to affected customers.
Cyber business interruption – Compensation for loss of income, including where caused by damage to your reputation, if a hacker targets your systems and prevents your business from earning revenue.
Hacker damage – Reimbursement for the costs of repair, restoration or replacement if a hacker causes damage to your websites, programs or electronic data.
Cyber extortion – Cyber insurance can protect you if a hacker tries to hold your business to ransom by covering the ransom you have paid, as well as the services of a leading risk consultancy firm to help manage the situation.
Crisis containment – Expert support to mitigate reputational damage. In the event of a data breach, prompt, confident communication is critical to help minimise the damage to a company’s reputation.
If you are interested in cyber insurance and would like to know more, please get in touch with our cyber insurance expert Lynne Noble via email email@example.com or phone 01422 398687.