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Almost all modern businesses rely on digital systems to provide products and services, manage internal processes or engage with customers. Unfortunately, this exposes companies to a wide range of cyber security threats. Malicious actors can target sensitive data and disrupt critical processes and technologies, resulting in considerable financial losses and reputational damage. Specialist cyber security insurance protects businesses against these threats, safeguarding your company and helping you to manage and mitigate any disruption.
Cyber insurance protects you against financial losses should cyber criminals target your business. Typically, it covers the costs associated with responding to and recovering from cyber attacks and data breaches. These costs can include legal fees, customer communications, technology recovery and restoration and loss of business. Insurance is a safety net that enables your business to leverage digital systems and technologies safely in the knowledge that you are financially protected.
Cyber security insurance benefits any business that utilises digital systems. However, there is a sliding scale. Those companies that handle large amounts of sensitive data, facilitate financial transactions or rely heavily on digital technology and services may require more extensive cover and should prioritise cyber insurance. Examples of specific businesses that benefit significantly from this type of insurance include:
Businesses typically benefit from cyber insurance in several ways. These include:
While precise wording of your policy will determine what it does and does not cover, there are some things cyber security policies do not typically protect against.
Insurance providers often break cyber security insurance into distinct components, allowing businesses to build insurance policies that reflect their unique needs. This ensures you are adequately covered and not over or under-insured while facilitating more competitive pricing. These components include:
Covers the legal costs associated with cyber attacks, breaches and incidents. It includes cases brought against you by customers or other individuals and organisations affected by the incident.
This policy provides compensation for any income you lose due to cyber disruptions. Depending on the policy, it can also allow for any additional expenses accrued during the restoration of digital systems.
Covers ransom payments and other similar costs when your business is affected by ransomware or targeted by malicious actors looking to extort your organisation.
Financial protection for the costs inherent in managing and responding to data breaches and other similar events where sensitive information is compromised.
All businesses that rely on digital systems or collect, store and manage data should consider cyber security insurance. However, the amount of cover you require will depend on specific circumstances. We recommend assessing your exposure to cyber risks and the potential impact an attack or breach could have. Specialist cyber security risk assessors can carry this out if you feel unqualified to do so.
The cost of cyber insurance varies considerably from case to case. A sole trader running an online store will pay significantly less than a multinational financial organisation. Factors that determine the overall cost include annual revenue, the size of the organisation, the type and volume of data being processed, and the cyber security protection companies already have in place.
In most instances, cyber insurance is not mandatory. However, it is highly recommended and provides critical financial protection for organisations handling sensitive data.
No. Cyber insurance is designed to protect your organisation from the financial impact of these attacks.
Once you have conducted an extensive risk assessment, we recommend contacting our experienced insurance team to discuss your needs, compare policies and find the perfect insurance for you. Insurance experts can simplify the process considerably, making it much easier to understand and navigate the various options.
At Park Insurance, we benefit from years of industry-leading experience and expertise. Our position as preferred brokers helps us find your business the perfect policy at a competitive price. With generous policy limits and flexible payment terms, our cyber insurance is designed to reflect your business reality and protect your future.
For more information and a no-commitment chat with one of our advisors, contact us today or use our online form below to get in touch.
“Thank you very much sir …yet again you proved to me you are the right person in the right place…