Cyber Insurance Policies are designed to offer protection from cyber risks which could be damaging to a business and its reputation, such as data recovery following a hardware failure or full scale data breach.
With the average cost to a business of the worst security breaches between £75,000-£300,000, having specific insurance coverage in place to mitigate these risks can reduce the financial impact.
Key considerations for businesses when choosing cyber insurance are whether the policy provides:
- Cover for the costs of dealing with data breaches
- Cover for the costs of dealing with cyber liability claims
- Cover for business losses from a cyber event
- Cover that helps businesses deal with the impact of cyber crime
- Cover for hardware and data corruption
- Access to expert advice and support e.g. IT, legal, forensic and media relations when an incident occurs
The following sections of cover are available:
- Hardware – cover against loss, theft, damage, cyber events and breakdown to hardware
- Data corruption and extra cost – cover to restore computer systems to the position they were in prior to a cyber event.
- Cyber crime – cover for financial loss resulting from fraudulent input or change in data into insured computer systems leading to dishonest money and credit transactions.
- Cyber liability – cover to pay for damages and defence costs from claims made against the insured for failure to secure data, unintentional transmission of a virus and reputational damage from website, email or distributed content.
- Data-breach expense – cover to pay for the costs of investigating a data breach and notifying customers, legal advice, public relations and crisis management expertise,
- Cyber event – loss of business income – cover for loss of income following a cyber event or prevention of access.
Your exposure to Cyber Risks should always form part of your insurance review. For advice and a review of your insurance needs please get in touch on 01452 300888