Cyber Insurance is a type of cover that is designed to protect your business from the financial and reputational costs of a malicious attack, such as a data breach or cyber attack.
In the digital age we live in today, more and more businesses rely on technology from laptops and computers to AI and robotics to run their day-to-day business operations. While technology is great for improving productivity and efficiency, it also brings higher risks and makes the business more vulnerable to compromise.
The ever-growing threat landscape coupled with the rise in malicious attacks leaves businesses open to compromise and it is now considered to be ‘when’ rather than ‘if’ an attack occurs.
Who is cyber insurance for?
If your business uses, sends or stores electronic data, you should consider cyber insurance. Having appropriate cover can help your business safeguard itself against the financial and reputational costs that your business may occur as a result of an attack and can help with the cost of recovery.
What does cyber insurance cover?
Our cyber insurance policies can cover:
- Breach response, including legal advice.
- Covers damage to data, websites and software.
- Loss of revenue due to a malicious attack, extortion or data breach on your IT systems.
- Additional expenses to reduce the reduction in revenue, such as the cost to hire extra staff or purchase equipment.
- Extortion, including recovery costs or ransom payments if a hacker threatens to reveal sensitive data until a ransom is paid.
- Costs of notifying customers of a data breach.
- Loss of finances due to an external hack into your IT network or by social engineering fraud.
- The cost of unauthorised telephone calls and charges made by an external hacker.
- Protection against a breach of Data Protection regulation.
- Cover for liabilities to third parties, including compensation and defence costs if a claim is made against the business for negligently transmitting a virus to a third party, data privacy and confidentiality liability, financial loss that results from the loss, and costs resulting from non-compliance.
Looking for cyber insurance advice in Cheshire?
If you would like cyber insurance advice, please get in touch via our contact form and a member of our team will be in contact to discuss your requirements and the best options for your circumstances.