Cyber Insurance

Cyber Risk insurance, also known as Cyber Liability insurance, is one of the fastest growing areas of cover as businesses become ever more reliant on technology

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WITH A COMPREHENSIVE CYBER INSURANCE POLICY, A BUSINESS WILL BE COVERED FROM BOTH LOSSES SUSTAINED BY A BREACH AS WELL AS ANY LIABILITY FOR DAMAGES THAT MAY BE CLAIMED BY A THIRD PARTY. How cyber insurance can help protect your business

The risk of losing funds or data, or technology being denied or failing due to accidental or malicious interference, has never been greater.

Increasingly, organisations rely on technology to drive core business objectives, causing cyber risks to have exponentially increased in recent years. Cyber incidents can disrupt businesses through reputational damage, operational downtime, financial loss, and legal action.

Cyber Risk insurance cover should be held by any business which:
  • holds personal data (such as names, addresses, and banking information)
  • electronically stores business-critical data
  • is reliant on technology to conduct business
  • has a website
  • has an online bank account
  • is subject to a payment card industry (PCI) merchant services agreement

Getting cyber security and information protection right can be a challenge for all companies, no matter their size.

FAQs

Who/what is most at risk within a business?

Technology needs people to operate it.  At risk are core business functions and objectives, resulting in partial or complete ‘bottom line’ loss.

What does best practice look like?

A ‘belt and braces’ approach that reduces the peril with timely protocols and mitigates risks with relatively low-cost insurance.

Where does the responsibility fit within a small business?

Cybersecurity is no longer a peripheral responsibility; it must be considered as a priority risk that can wipe out the bottom line in its entirety. Therefore, the ultimate responsibility must sit with the company director – even if they have delegated the management of cybersecurity to others.

Why is cybersecurity a priority for small businesses?

With the emergence of ransomware and other malware, cyberattacks are a real and present danger to small businesses.

How can businesses reduce the risk of a cyberattack?

Promote staff awareness; use firewalls; install anti-virus protection, disable unnecessary functions & services on devices/software automatically set to the manufacturer’s default, use two factor authentication, restrict administrative privileges so only those that need access to certain files/data have access, switch off Wi-Fi if not using it, don’t use free or unsecure Wi-Fi and password protect your devices and accounts.

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