Why Cyber Insurance?

If your business uses email, has a website or stores customer data electronically, it is a target for cybercriminals. The latest numbers of cybercrimes are alarming! About 50 percent of all UK businesses suffered a cybersecurity incident in recent years costing them an average of between £5,000-£30,000 per incident.

The goal of cyber liability insurance is to provide you with practical support and financial compensation if your company falls victim to a cyber-attack.


What does cyber insurance cover?

Cyber covers your time and money that you would lose dealing with a cyber-attack as well as the costs of putting your business back together following a hack or data breach. Also, common to include is the cover for so-called cyber extortion, where a ransomware grinds your business to a halt and cybercriminals demand ransom to let you gain control of your website and/or systems. If part of your cover, this feature will pay the ransom and offer specialist consultancy service to rectify the situation for your business.

Typical aspects covered by a cyber liability cover are as follows:

  • Expenses incurred investigating a cyber-attack
  • Lost income if a cyber-attack stops you trading
  • Legal fees involved in disclosing a breach to the ICO
  • Expenses incurred repairing, restoring and replacing your website, networks and data
  • Costs of informing customers
  • ;lgal fees and compensation costs if you’re sued for losing individuals’ private data
  • PR costs of managing your reputation and dealing with the fallout

As you can see, a serious cyber insurance incident can result in an expensive bill, which your business will have to pay for if it doesn’t have any cyber insurance.

If you would like to discuss your insurance requirements for your business, please reach out to us on 0203 797 1287 or apply in a few taps in the app available on the links below:

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