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CYBER INSURANCE THAT HELPS YOU TAKE OFF
I just bought an Insure24 cyber insurance policy, multi-trip for my partner and me, and saved £205 a year!
Darren Styles , PublisherPROTECT YOURSELF
- The costs of restoring data and equipment
- Informing clients of a data breach
- Meeting ransom demands
- Loss of your net profit
- Your legal defence costs and damages you are legally liable to pay to other parties
FREQUENTLY ASKED QUESTIONS
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What is cyber insurance?
Cyber insurance (also known as cyber liability insurance or cyber security insurance) is designed to protect businesses against the financial loss resulting from a range of cyber threats and exposures, including cybercrime, data breaches and system interruption.
Cyber insurance is important because as businesses increasingly use technology to operate, the digital assets they hold - like important business data, corporate information and client records - are becoming more valuable and more vulnerable.
Cyber insurance is important because as businesses increasingly use technology to operate, the digital assets they hold - like important business data, corporate information and client records - are becoming more valuable and more vulnerable.
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What types of businesses need cyber insurance?
Any business that uses technology in order to operate – whether they store data online, make or receive wire transfer payments, or use software in their day-to-day operations – has a need for cyber insurance.
It's fair to say that these days, this includes almost every business in every industry.
Cyber insurance has a long reputation as a privacy liability product for businesses that hold sensitive data – but privacy exposure isn’t the only risk facing businesses today.
In fact, cybercriminals are increasingly targeting traditional industries that hold almost no sensitive data at all, whether through ransomware attacks that halt operations or business email compromise scams that result in wiring payments to fraudulent accounts.
It's fair to say that these days, this includes almost every business in every industry.
Cyber insurance has a long reputation as a privacy liability product for businesses that hold sensitive data – but privacy exposure isn’t the only risk facing businesses today.
In fact, cybercriminals are increasingly targeting traditional industries that hold almost no sensitive data at all, whether through ransomware attacks that halt operations or business email compromise scams that result in wiring payments to fraudulent accounts.
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What is not covered by cyber insurance?
A cybersecurity insurance policy will often exclude issues that were preventable or caused by human error or negligence.
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Can cyber insurance take the place of cyber defense?
Cyber insurance should not be considered in place of effective and robust cyber risk management. All companies need to purchase cyber insurance but should only consider it to mitigate the damage caused by a potential cyberattack. Their cyber insurance policy needs to complement the security processes and technologies they implement as part of their risk management plan.
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Why do I need insurance if I have cyber security?
There’s no denying that having up-to-date cyber security controls in place, such as anti-virus software, can help minimise the chances of a system being successfully attacked. However, measures like this do not provide any sort of financial protection, meaning that in the event of a data breach, you’d be left to pick up the cost of putting things right. Cyber insurance gives you peace of mind that if you were to experience a targeted cyber attack, you’ll have financial protection in place.