In this modern age, businesses thrive using internet-based connectivity for their internal infrastructure, to communicate with customers and to access information across devices like smartphones or laptops. Cyber liability insurance helps protect your business when data leaks, breaches and online criminal activity occurs within your organisation.
If you handle electronic data which is sensitive or engage in internet banking, cyber insurance can protect your business from financial implications in the event of a cyber crime and provides you with valuable support to investigate the event, recover from system vulnerabilities, notify third parties and handle the impact it may have on your reputation.
Cyber Risk Insurance
Cyber insurance should be considered if you use, send or store data electronically. We can tailor a quote to you based on the type of data held, security measures in place and the unique vulnerabilities you may face. Simply get in touch with our team who will find a policy with high levels of cover at an affordable price.
Types of Cyber Crimes
Cyber risks are constantly changing as computer systems evolve and holes are found in security defences. Popular attacks include planting malicious software, sending spoof / phishing emails, ransom demands for compromised files, online scams and hijacking of computer networks to scrape personal details.
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What Is Cyber Insurance?
Cyber insurance, also known as cyber risk or cyber liability insurance, is available to provide specialist support and financial protection in the event that your business suffers from a cyber crime. If you handle sensitive data internally, via the internet, manage a website or send email communications then you could be vulnerable to cyber crime attacks. To recover from such events, it can cost tens of thousands of pounds for small businesses and hundreds of thousands of pounds for larger companies. The cyber criminals behind the destruction often try to steal private details, payment information and login details through various means including malware, hacking, physical theft, exhortation and phishing scams.
We would recommend that you get in touch with our team if you want to protect your business from the financial threat of cyber crime. We can build a tailored policy around your requirements which is affordable, comprehensive and backed by leading insurers.
Cyber Crime Explained
There are various methods of cyber crime which online criminals use to cause disruption and steal valuable income anonymously. This includes the following methods:
- Hacking - Hackers may force their way into your devices or online accounts to steal private details and disrupt your access.
- Identity Theft - Attempts could be made to compromise details about you and passwords for your business banking or to access bank card details, enabling the attackers to steal sums of money or sell the information on.
- Scamming - Someone may offer a service to you such as IT services which you do not need. They will then charge you for this which is illegal.
- Viruses - A peace of malicious software could be installed unintentionally throughout your network in order to steal data, track keyboard presses and destroy files.
- Ransomware - Documents stored electronically throughout your company can be encrypted by a third party and your access revoked, followed by requests for a ransom payment to unlock them.
- Spamming - Dangerous spam emails are exposed to employees on a daily basis which can contain viruses and links to malicious websites, ultimately trying to deceive people.
- Phishing - Large quantities of emails are sent from fake addresses acting as legitimate companies to gather login details for well known websites.
Types of Cyber Insurance Cover
Cyber insurance can cover first party cyber risks which protects the financial loss aspect to your business when an insured event such as damage to data, downtime, ransom payments and theft occurs. Third party risks can also be built into your policy to cover specialist assistance to investigate an attack, any legal costs to defend a claim and data protection fines.
This type of cover can be purchased as a single product or in conjunction with third party cyber insurance to include:
- Repairs to damaged devices and restoration of lost software or data.
- Business interruption in the event that you cannot operate after a cyber event.
- Threats to release information if payment demands are not fulfilled.
- Loss or damage to the electronic files stored on your systems.
- Costs to notify anyone that is directly affected by a data breach.
- The negative impact on your reputation leading to loss of future revenue.
- Stolen money and equipment either physically or electronically.
Third party cyber insurance can be built into your package alongside first party cover or can be purchased on its own to defend against:
- Defence costs in the event that you are sued for failing to prevent a data breach.
- Compensation damages and fines after personal details are exposed.
- Specialist consultants to help you manage and recover from an attack.
- Loss of data belonging to someone else or another company.
- Unintentional transmission of a virus leading to an infection.
Obtain the Correct Level of Cover
With cyber crime on the rise, we believe it's vital that you source adequate cover to defend yourself against financial disaster. It's not a secret that some of the biggest companies in the world have suffered recent attacks, risking the privacy of their customer details and paying hefty costs out of their own pockets. For any assistance and reassurance, call our team who will talk through your needs and set you up with a suitable policy which is affordable and reliable, for peace of mind if you need to make a claim.
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