One small UK business is hacked every 19 seconds.* Being without the cover you need could prove costly as cyber criminals are always finding new ways of targetting businesses.
And yet while Cyber Insurance is growing, the uptake still remains small. In 2020, the Association of British Insurers published warned that just 11% of businesses were thought to have a specific cyber insurance policy in place. Resulting in millions of small businesses being at risk.
In this blog, we’ll talk about what cyber insurance is and what it does.
What Is Cyber Insurance?
Cyber insurance is a form of liability cover to protect your business from threats in our digital world. As a business, you are responsible for your cybersecurity and your data. Having the right cyber insurance policy in place should be considered a key part of business continuity planning.
Why Is Cyber Insurance Important?
In the event of a breach or cyberattack, you’ll need to take quick and decisive action to mitigate your losses. This is where your cyber insurance policy can help by deploying a team of experts to act swiftly.
You may have elements of this covered with your IT support, such as data recovery and restoration, but the support goes well beyond this, including consideration of ransom demands, support to notify both authorities and impacted individuals in the event of a data breach, provision of monitoring for impacted individuals, and PR support.
It’s important to remember that cyber insurance is a complementary measure rather than a replacement for good IT security.
Understanding your risks and level of exposure is half the battle, the next is to choose the appropriate cover to ensure you are protected.
What Cover Is Available?
Most insurance policies will cover the first party (the business involved) and third-party (claims made against you) for both financial and reputational costs. We tailor cover to your unique risks and advise appropriate cover to fit your unique needs.
Some of the cover available:
It’s not just big businesses that are at risk…
Businesses of all sizes are seen as targets by cybercriminals. Smaller companies typically place less importance on their cybersecurity, hackers know this and exploit it.
You hear about big businesses falling victim to cybercrime although what often goes unreported is the losses experienced by smaller companies.
As your business becomes more and more reliant on technology you become more appealing to cybercriminals. They will go to any length to benefit from system vulnerabilities or poorly trained staff.
Join the cyber revolution
We can arrange a policy to help minimise financial losses, alleviate public backlash whilst considering developing threats to ensure your business is protected now and in the future. To find out more, get in touch today.
*According to Hiscox
