Cyber Insurance

Cyber Risk Insurance should be tailored to your business’ unique cyber security risks to ensure you get the coverage you need. Most policies will provide you with first and third party cover for financial and reputational costs.

This could include the costs for:

• Cyber-attack investigation
• Recovering lost data
• Restoring your networks and systems
• Compensation claims from third parties
• Notifying third parties
• Loss of income during downtime

Cyber Liability Insurance can also provide your business with additional support services, if needed. For example:

• Resiliency planning
• Security consultancy
• Risk management
• IT forensic services
• Legal assistance
• Public relations support
• Cyber incident response
• Notification of third parties support

In terms of what isn’t covered, it is important to be aware that most EU Member States won’t allow insurance for punitive regulatory fines, such as for GDPR breaches.

If your business handles or stores information digitally, relies heavily on IT, or regularly processes card payments, Cyber Insurance can give your business crucial support.

This is because a cyber-attack could cause significant damage to your business. For instance, if sensitive information is stolen or lost, you can damage your reputation and face compensation claims from customers, as well as fines from regulatory bodies.

Cyber-attacks including malware and ransomware can also result in significant downtime and be expensive to fix. If your business operates in more than one place, an attack like this can affect multiple sites too – unlike physical threats, a cyber-attack can bring a global business to a halt.

By having Cyber Liability Insurance in place, you can help to make the recovery process smoother. You can also get additional peace of mind that you will get help for the costs linked to this recovery, as well as technical and expert support if you do not have this in–house.

Your Cyber Insurance coverage will depend on your unique business needs.

When researching how much cover you need, it is important to understand what your critical activities and systems are and the nature and possible likelihood of cyber risks. Some industries are more vulnerable than others, so bear this in mind.

You will also need to consider the size of your company, your stakeholders and turnover. This will help to evaluate the possible financial and reputation losses that could occur after a cyber-attack.

If this sounds a bit daunting, you don’t need to do this alone. We can discuss these factors with you to help you get the right coverage for your business.

Cyber Insurance should not be seen as a replacement for a wider cyber security strategy. It should complement your cyber security controls and provide you with additional financial and technical support in the event of a cyber-attack. When researching Cyber Insurance, it is very likely that insurers will want details of the controls you already have in place. A lack of cyber security in your business could lead to insufficient or expensive cover, if you qualify for it at all.

The cost for Cyber Insurance will vary from policy to policy. It will be determined by the size of your business, its turnover and its sector, among other variables.

To find out how much your Cyber Insurance will cost, get in touch with us today to discuss your business’ needs.