Cyber Insurance
Cyber insurance can protect your business if it gets hit by a cyber attack, which could be in the form of malware, ransomware or phishing.
What is Cyber Insurance?
Cyber insurance, also known as cyber risk or cyber liability insurance, is a form of cover designed to protect businesses from financial loss following digital threats such as cyber attacks, data breaches or malicious cyber hacks on work computer systems. It usually includes assistance with and management of cyber incidents both before and after a cyber incident has occurred.
In today’s electronic world, cyber crime is a significant risk for any business. Whether your commercial business is big or small, the risks simply cannot be ignored.
The nature of your business will depend on the extent of the risk, but essentially all business owners need to take appropriate measures to protect their customer data, their electronic systems, websites, marketing platforms, email addresses and also their reputation.
Whilst there are security measures that can be utilised within your business to protect your hardware and software from incidents such as viruses, hacking and identity fraud; if you do experience a cyber attack, your business could also suffer financially.
Cyber risk insurance protects your business against losses arising from cyber-related crime and ensures you are able to cover costs such as compensation for customers if their data is breached.
Seek Independent Advice
It is crucial to seek independent advice to make sure you get the correct business insurance to suit the way your business operates.
Alexander Swan will work together with you so that we can build a tailored, all -encompassing cyber insurance policy to perfectly match the size of your business and the risks it is exposed to.
Unlike dealing directly with an insurance company, Alexander Swan has access to multiple insurers and their wide range of policies. This broad reach allows us to present you with a range of options, increasing the likelihood of finding the most competitive rates and comprehensive coverage. We are with you every step of the way, from helping you choose the right insurance through to fully assisting you should you ever need to make a claim.
What Does Cyber Liability Insurance Cover?
Cyber risk insurance can help cover losses relating to loss of or damage to data from IT systems and networks. Potential financial losses include theft of funds, damage to digital assets, theft of data, and liability costs following a cyber event. Areas of cover are typically:
- Ransomware: Malicious software that prevents you from accessing your data, network or devices and demands a ransom for restoring it.
- Network Security and Privacy
- Social Engineering: An illegal activity that tricks or manipulates people into allowing access to or revealing sensitive information, or spreading malware.
- Business Interruption and System Failure: Loss of income during the period of interruption of your business due to a cyber attack or system failure.
- Cyber Extortion: If a hacker illegally accesses sensitive data and demands money to stop the attack.
- Bricking (IT System Replacement)
- Professional Indemnity: Professional indemnity cover for IT companies and professionals.
- Unlimited Cyber Retroactive Coverage
Who Needs Cyber Security Insurance?
Regardless of size or industry, all businesses use technology to some degree and are therefore at risk of cyber attacks. If your business stores data on computers, devices or online, then cyber insurance is an important consideration.
With cyber attacks on the increase, having a cyber liability insurance policy in place can help to cover the financial costs of dealing with and recovering from the attack, as well as minimising the disruption to the operation of your business.
Alexander Swan has extensive experience in assisting commercial business owners with their insurance needs. Speak to us about our commercial and professional combined insurance packages which can be tailored specifically for your business to include cyber insurance, professional indemnity insurance, employers’ liability, public liability insurance, stock, contents insurance and more.
Cyber Insurance FAQs
Whilst cyber insurance is not mandatory it is highly recommended, especially if your business stores or sends data on a computer, network or device. Not having adequate cover can leave you very vulnerable if an attack takes place on your systems.
Around four in ten businesses report being insured against cyber security risks, which means that six out of ten businesses don’t have adequate cover and aren’t protected in the event of a cyber attack.
The amount of cyber insurance you need will depend on a number of factors such as the size of your business, the type of data you process and how it is protected. To get a full picture of the level of cover you require, you can contact Alexander Swan
