What is Cyber Insurance?
Often the most common shortfall for businesses is a lack of suitable cyber security insurance coverage. We find that most businesses underestimate or misunderstand the necessity for a correct level of protection, cyber insurance is not just for IT companies or larger businesses.
In fact, UK small businesses are targeted on average 65,000 times a day with cyber attacks (Source: Hiscox). The smaller infrastructure of these types of organisations make them especially vulnerable, as keeping your databases and servers secure is often left to the internal team in the absence of a dedicated IT department.
As well as the negative effects and inconvenience of having your data breach it can also mean you violate GDPR regulations. As the owner of customer data, it is your responsibility to keep this sensitive information safe. Any breach that leads to the exposure of client information could leave you culpable.
Costs as a result of a cyber breach can vary, however, the average cost of a breach is $3.2 million when all global attacks are equated (source: IBM). Correct cover is therefore essential and can help mitigate the potential costs involved with a cyber-related breach.
Do I Need Cyber Security Insurance?
While most businesses have an increased awareness of the importance of cyber insurance, there is still a great degree of misunderstanding in terms of what level of policy is necessary. In fact, many businesses lack the correct level of coverage for a cyber attack, leaving them exposed. Contact us to learn how a bespoke combined cyber security policy with IT insurance and marketing insurance coverage could benefit your company in the digital world.
You should have a cyber security policy in place if you:
- Take card payments
- Hold sensitive customer data such as names, addresses, emails, banking information
- Are reliant on computer systems to conduct business
- Have a website or app
- Have staff who utilise email daily
The best form of defence against a cyber attack is to protect yourself with knowledge, procedures, software and an insurance policy that offers security, guidance and support.
We’re on hand to guide you through the process of getting the correct coverage.ome of the factors we consider about your business when defining your policy needs include:
- The amount and type of confidential, personal or sensitive data you hold – both for your clients and employees
- The size of your business
- Your dependence on computer systems
Find The Right Cyber Security Insurance For You
With our brokers, you can be confident in that your cyber claim will be dealt with in a respectful and efficient manner by our team.
For more information on our cyber insurance, simply contact the team on 01903 444 951. Alternatively, you can request a call back below. Our team will be more than happy to discuss your policy needs and answer any questions you may have.