Cyber insurance is an emerging form of insurance which aims to protect business owners from the growing threat of online crime, data breaches and losses caused by compromised IT security. But is it worth the cost? We explore the costs involved, and the level of protection offered.
The value of cyber insurance
As with any form of insurance, peace of mind is almost priceless.
For the SME owner or busy entrepreneur, could your business survive following not just operational losses in terms of time and resource,but also the potential fines incurred, lost revenue due to downtime and damage to customer trust due to such threats?
The cost of a cyber attack on your business
Cyber Insurer UK is a specialist insurance intermediary which aims to make it as easy as possible for SME owners and entrepreneurs to achieve peace of mind through a great value, easy to understand policy which is tailored to provide a level of cover relevant to your business.
The introduction of GDPR means businesses can be hit with fines of up to £20m, or 4% of annual turnover (whichever is the greatest), can you afford to gamble?
A cyber attack may result in fines from regulators, compensation payouts to your clients, business interruption leading to lost revenues and most importantly for small, growing businesses, reputational damage.
What types of things does cyber insurance protect from?
Below are the most common ways in which companies can suffer as a result of cyber crime.
Loss/damage to electronic data
Malware can compromise hardware or software, and destruct your data.
Online media cover
Online assets/websites can be defaced resulting in potential infringement of intellectual property.
Without a fully functioning network continuing your operations may not be possible and work arounds may result in extra costs.
It has become very common for ransomware to lock companies out of their compouter systmens or threaten to post third party confidential information online.
Notifying the ICO
Being the victim of a cyber criminal stealing your client's data from your IT network can get you into hit water with the ICO resulting in a comprehensive investigation and possible fines.
Failing to safeguard your client's datacan result in damage to your reputation.
Lawsuits relating ti hacking, of your own networks or sensitive databeing made public or even libel, defamation or slander.
Get covered today
Getting covered from Cyber Insurer UK takes just a few minutes and can give you the ultimate peace of mind that your business is protected. With cover starting from as little than £37.99 per month, ensure your business is covered.