For the risky business of being online
Phishing. Extortion. Social engineering. We live in a world where companies are exposed to a growing number of complex threats, all with the potential to trigger disastrous consequences – so it pays to have the right cyber insurance in place.
What is Cyber Liability Insurance?
From malware attacks to the misuse of company email, Cyber Insurance protects your business against the wide range of risks involved in using the internet and IT networks. Also known as Cyber Liability Insurance, it’s a must-have for any company, especially now that GDPR has raised the bar in data security.
“Of all the risks we cover, cyber is by far the fastest growing – and it’s showing no sign of letting up. As businesses of all shapes and sizes become ever more reliant on the digital world, their exposure to the risks of operating in that world increase. Many smaller businesses feel that they’re too small to be of interest to cyber criminals while bigger businesses can have false confidence in their cyber security. The reality is that everyone is vulnerable, and the impact of an attack can be huge.”
- Adam Lawrence, Cyber Insurance specialist at Macbeth
How Cyber Insurance protects you
Cyber Insurance covers the costs your business could incur after a cyber attack or security breach. It can also cover financial losses caused by the failure of your company website or the collapse of your internet provider, along with legal defence costs if you’re accused of publishing defamatory content online.
The digital world is expanding – and so are the risks associated with it. With Cyber Insurance, you can ensure your business is able to cope with an attack.
- Data breach – as well as covering investigation and customer notification costs, Cyber Insurance will also pay for emergency support such as IT forensics, credit monitoring and crisis management
- System damage – you’re covered for the cost to repair and restore your IT systems after a cyber incident
- Loss of income – if business is disrupted due to a network security failure
- Cyber extortion – your policy will cover investigation costs and ransom payments
- Regulatory fines – you’ll be reimbursed for any fines you’re legally obliged to pay as a result of a data breach
- Privacy liability – covers claims that your business has breached confidentiality or privacy rights
Cyber Insurance provides specialist protection that’s often missing from general liability policies.
Why you should consider Cyber Insurance
- Ongoing legislative changes, including the introduction of GDPR, make the use and storage of personal data an increasingly complex and risky area. Cyber Insurance provides specialist protection that’s often missing from general liability policies.
- You’re particularly at risk if your business uses the internet to trade or holds confidential or sensitive data. But, in fact, any business that sends and receives information by email and downloads documents needs Cyber Insurance.
- Cyber Insurance can be a business enabler, demonstrating professionalism and providing reassurance to customers and suppliers.
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