Cyber Insurance

Cyber insurance – also called cyber-liability insurance – is a type of insurance policy that protects companies against cyberattacks and hacker threats. A cyber insurance policy can help minimise business disruptions in the aftermath of a cyber incident. With more cybercriminals targeting small businesses, a data breach could have disastrous consequences. In many cases, cyber insurance covers your business for some of the financial costs of dealing with and recovering from a cyber-attack that takes down your website, wipes business-critical data, or steals customer information.

If a company, contractor, or freelancer uses the internet as part of their work, they could become victims of cybercrime or experience a data breach which insurance might help reconcile. As a result, companies of all sizes and shapes can benefit from cyber insurance. However, some professions may require more coverage than others. You may wish to take out cyber and data risks insurance to protect against data breaches, restore your own data and equipment, and compensate your customers in case of an event that causes their data to be compromised. It isn’t just your computer system that can be affected by data breaches – it can also damage your reputation and put your customers and employees at risk. Because of this, cyber liability cover can serve as a worthwhile precaution for any company

Existing insurance policies such as, business interruption or professional indemnity may cover some elements against cyber threats, but businesses are increasingly purchasing bespoke cyber policies to supplement existing insurance coverage.

There are a variety of coverage options available under different policies, but generally, cyber insurance will cover costs associated with a cyberattack.

Costs of restoring data

Your policy will cover recovery costs for fixing damage to your computer systems and covers the risk of a cyber-attack or data breach, as well as the services of a Cyber Expert.

Informing clients of a data breach

You may find there are costs associated with sending and administering notification communications, if a data breach occurs your policy can cover the costs of notifying clients.

Meeting Ransom demands

Expenses incurred by you and your business, including ransom payments made for the purpose of terminating cyber-extortion threats. The attackers demand money for a decryption key