Cyber Liability Insurance
What is this type of Insurance?
Cyber Liability Insurance - ''Cyber crime is the greatest threat to every company
in the world.''
How well prepared is your company to protect your data, networks and operations against data compromise, theft or cyber-attacks?
Technology is evolving rapidly and so are cybercriminals. Every business has a cyber-risk exposure and a cyber-incident is significantly costly.
Over past years, there has been a sharp increase in cyber-related incidents in the UK. Did you know 60% of small to medium-sized businesses that suffer a cyber-attack go out of business within six months of the breach? Cyber insurance can help protect your business against a range of cyber threats, including Ransomware, which is malicious software designed to block access to your computer system until a ransom is paid (the most prominent issue being faced today).
The cover is available for businesses of all sizes as either a stand-alone policy or as part of a management Liability package and protects companies pre-breach, mid breach and post-breach.
You may be thinking “I have an IT consultant who takes care of this for me”, but will your IT consultant offer you any of the following:
The cover provided by cyber liability insurance includes:
Cover for the impact of a cyber-incident on systems and finances e.g. IT forensics, business interruption and cybercrime.
Cover for the impact of a cyber-incident on third parties e.g. loss of confidential data or the passing on of a virus.
Cover for amounts incurred or paid in the process of paying, or attempting to pay, a Ransom 24/7 365 access to IT Forensics, PR Agents & Legal Counsel.
Full claims management support Access to a full Risk Management suite of help, support & information.
Free website vulnerability scan and followed by a detailed report – this would normally cost your business thousands of £s.
Additional cover options:
Crime: direct financial loss resulting from the fraudulent input of instructions to transfer funds or property.
Personal information violation: legal liability claims resulting from personal data collection, use, modification and destruction practices in violation of law or regulation.
Telephone hacking: liability for charges incurred as a result of the unauthorised criminal use of your telecommunications system.
The average cost of the worst security breach in the UK for small businesses is between £65,000 and £115,000. This includes cleaning up affected systems and data breach fines.
Have you got this money ready to hand in the event of an attack?