We understand that there’s still a lot of confusion around cyber cover, and even some fear that it might be too complex to understand.
Ask yourself, what part of your business isn’t reliant on computer systems (Online portals, Emails, Hardware, Software etc) and if a cyber-attack meant that was the only part of your business still functioning, what could you do?
Not much? That’s what cyber insurance is for. Its about keeping businesses trading in a world where digital systems dominate. Furthermore, cyber security is now becoming a subject when it comes to applying for professional indemnity insurance. As a regulated firm, you are required a lot more to scrutinise any data safeguarding procedures.
- If you came into work and you were told that someone had got into your systems and accessed your data, would you know what to do next?
- Or if someone hacked your business – to put out messages on social media for example – would you know how to stop them and repair the reputational damage?
- Or you came in and switched on your computer and there was no response except for a ransom demand? Who would you call? Would you pay?
Cyber insurance is designed to tackle all of these threats and more. It not only protects businesses but supports them to meet their commitments to customers and employees if their digital systems are compromised, paralyzed or attacked.
It is now widely acknowledged that cyber-crime is the fastest growing sector of global organised crime, increasing at a rate of 40% per year.
Cyber liability insurance addresses the first- and third-party risks associated with e-business, the Internet, networks and informational assets, and offers cutting edge protection for exposures arising out of Internet communications.
Risks such as hacking, information misuse, fraud and virus transmission can lead to lost business, damaged networks, expensive lawsuits, and tarnished reputations. Put your mind at ease by making cyber liability cover part of your data protection policy!
We believe the risks faced by businesses operating electronically and across the internet are growing so the need to take out cyber liability insurance is ever increasing.
When you use our insurance brokers, you will receive a policy that is simple to understand and is pre-priced upon the size of your practice, providing comprehensive and affordable coverage with the minimum of stress.
Premiums start from £250 and cover the following key areas:
- Security and privacy liability – hacking, data loss, denial of service
- Multimedia liability – infringement of copyright, defamation, invasion of privacy
- Privacy regulation – defence costs of Information Commissioner Investigations
- Crisis management, customer notification, support & monitoring expenses – mitigation costs following a security or privacy breach
- Data recovery and loss of business income – first party costs to restore systems and the provision of business interruption cover
- Data extortion payment to deal with a cyber-extortion threat.
To obtain a quotation please click HERE.