How secure is your computer network? Could hackers get access to your system via a ‘back door’ and stop your business in its tracks? And if they do, how safe is your customers’ data?
With cyber attacks one of the 21st-century’s biggest concerns for businesses, robust cyber liability insurance is a must for every operation. You need to make sure that you’re business is protected against cyber criminals – and the potential financial cost to your operation should you be held liable for a breach or system damage. There are key reasons why you need to physically and financially protect your network, your data, and your customers data:
- The GPDR regulations around the processing, storage and use of personal data mean that if hackers do access the your network and steal your customers’ data, your customers could hold you financially liable for any breaches in regulation.
- Down-time caused by Denial of Service attacks can affect any business, whether you’re a sole trader or a large corporation with offices around the world. Could your business cope?
- Business network interruption will look to indemnify your business against financial loss suffered as a result due of down time as a result of a cyber attack.
- Commercial cyber hacking is a real and present threat to big and small businesses alike. With access points such as social media platforms or even internal misuse giving hackers and fraudsters a chance to steal your data and your or your clients intellectual property, can you afford not to be financially protected?
While all of this seems like a Doomsday scenario for any business, as insurance brokers, we think you should be fully aware of the dangers cyber crime poses.
However, where there’s a problem, there’s always a solution. And that’s where we can help.
What is Cyber Insurance?
Cyber insurance protects business against financial losses or claims as a result of damage, theft, or loss of data from IT systems and networks. However, it’s not always just a financial cushion – cyber liability insurance can also include practical, no-nonsense help from cyber security professionals to help you rebuild and then protect your business from future attacks. They’ll show you how the attackers got in, and how to shut that back door to protect your data.
The financial cost of litigation as a result of a cyber breach can be catastrophic, especially if you’ve also suffered financial loss yourself. Cover gives you protection from compensation claims that result from:
- Infringement of intellectual property rights like copyright or trademark
- Defamation (libel and slander) on your website or in your emails
- Negligent transmission of a computer virus to anyone you do business with or who uses your website
- Unauthorised collection or misuse of your customers’ data.
Cyber Insurance – protect your data, your business, and your reputation
Cyber liability insurance also has plenty of extras to help you minimise the financial cost to your business of an attack. For example, your cover may pay for a professional to repair your computer system or website and restore your data if it’s been affected by a virus.
Identity theft can also hit you and your business hard. Cyber lability cover provides financial protection against the cost of proving that someone has fraudulently used your online identity to make purchases or enter into legally-binding contracts with a third party.
If things go further and a criminal or regulatory investigation is launched, your hardware may be seized as evidence. Cyber insurance can pay for replacement equipment to replace it while the investigation is ongoing, so you can get your business up and running again as quickly as possible.
Hackers often hold businesses ‘hostage’ by locking them out of their network or website, or threaten to damage a network unless a ransom is paid. This can be covered by cyber insurance, so it’s wise to check that a ransom clause is included in your policy for extra peace of mind.
How Business Insurance Service can help you
We know how hard it is to build up a successful business, and how easy a cyber attack can undo years of hard work. Not only is your business at risk, but so is your reputation. Taking out cyber liability insurance gives you the financial protection you need. It also demonstrates to your customers and business contacts that you’re taking the threat of cyber attacks and the protection of their personal information seriously.
From protection against the loss of physical assets and money, to the loss of more intangible property such as monetary balances in a bank account, we can provide you with the cover you need to protect your business from both internal and external fraud risks.
We make sure you get the best deals too, we don’t just necessarily give you one quotation, we can arrange a selection of options for you from our panel of specialist insurers. You can choose the right one for you, putting you back in control of your financial decisions.