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A guide to Cyber Insurance and why a business should strongly consider it

Let’s start by covering exactly what Cyber Insurance is.

Cyber insurance is a form of cover designed to protect your business from threats in the exciting yet equally dangerous digital age, such as data breaches or malicious cyber hacks on work IT systems.

Criminals can instigate cybercrime from anywhere in the world and at any time, making it an attractive proposition for criminals with often little chance of detection.

A business is responsible for its own cyber security, but in the event of a cyber-attack, having the cyber insurance will afford you access and support from leading IT professionals. Cyber cover can provide crucial support at what can be a vastly important and stressful time to help your business stay afloat.

Even the most tech-savvy individuals or businesses can fall victim to cybercrime, especially as criminals are continually developing their methods of cybercrime – some of the most common cybercrimes are listed below:

Malware

This is a form of malicious software that tries to install itself into your systems via phishing scams and by exploiting vulnerable or old of date software. Once installed, the attacker can spy on online activities and steal private data such as banking details, sort and account codes or pose as clients to receive monies.

Ransomware

This a form of malware that attacks your computer system and cleverly encrypts data. The attacker will then likely demand a ransom payment in exchange for the return of your valuable data. It’s worthwhile to formulate a data recovery plan as a precaution and maintain at least one backup of your data which would lesson the effect of any successful ransomware attack and subsequent ransom demand.

Hacking

Cyber hacking is a term used for the partial or complete acquisition of a computer system or certain key functions within it. There are various methods of doing so, but the aim is generally to access important data and use it to the criminal’s financial benefit.

Do I need Cyber Insurance?

If you are concerned about any of the above cyber security breaches, the answer is “yes”.

If your business uses, sends or stores electronic data, you may benefit from cyber insurance. That data, whether it belongs to the business or is sensitive customer information, is vulnerable to cyber-attacks and data breaches

What does cyber insurance cover?

Cover options include loss of income whilst you are unable to use your system and cyber extortion costs.

  • Investigating a cybercrime
  • Recovering data lost in a security breach
  • The restoration of computer systems
  • Replacement equipment if damaged by viruses
  • Loss of income
  • Cyber extortion
  • Reputation management – PR and legal fees
  • Notification costs, in the case you are required to notify individuals affected (customers and business partners)

Cyber Insurance is worth the investment for piece of mind and to protect your business – large or small – the cost varies a lot depending on the business size, exposure, and a variety of different factors. That can all be covered in the quotation process which isn’t too long or arduous.

If you’d like to speak to one the Mark Richard expert commercial insurance team, please call 0117 947 9510 or email info@markrichard.co.uk

32 thoughts on “A guide to Cyber Insurance and why a business should strongly consider it

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