Cyber InsuranceFinancial protection and recovery support after a cyber-attack
Cyber Insurance acts as a vital support system if your business falls victim to cyber crime, a risk that has grown in recent years.
In the 12 months to 2022, 1 in 10 firms experienced a cyber-attack. This rose to 1 in 7 for businesses with more than 50 employees. Organisations of all sizes therefore need to consider how they will cover the financial and reputational losses that result from a cyber breach. This is where Cyber Insurance steps in. With the right cover in place, you can provide your business with financial protection during an incident and minimise business downtime. You can also gain access to additional expertise that can help your business get back up on its feet.
Key benefits of choosing CKI
- Cover that fits your unique cyber risks and needs
- Impartial guidance
- A direct line to your account manager
- Expert knowledge and understanding of businesses’ needs
- First-class service that exceeds your expectations
- Helpful claims assistance for quick and efficient settlement of claims
- Ongoing support throughout your time with us
- Free insurance review outlining the risks you face and the solutions
Excellent to deal with, very efficient service and a great price. I would recommend them to anyone wanting insurance.
Cyber Insurance FAQs
What is Cyber Security Insurance?
Cyber Security Insurance provides your business with support during and after a cyber–attack. This can help you to limit damage to your reputation, reduce your financial losses and deal with legal and regulatory actions. It does this by helping to cover the costs of business downtime, the restoration of lost data and investigations into the cause of the attack. It can also provide you with technical and expert support, helping you to manage an incident and cope with the aftermath.
What does Cyber Risk Insurance cover?
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.
Do I need Cyber Insurance?
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.
How much Cyber Insurance do I need?
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.
Do I need other cyber security controls?
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.
How much does Cyber Insurance cost?
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.
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