What is Cyber Insurance?
Cyber Insurance is designed to cover the costs in association with the loss or hacking of data in connection with your business.
If you suffer a major IT failure, a hacker successfully targets your business or data is wrongly shared, a cyber insurance policy will step in to protect you and cover the cost or recovery.
What does a cyber policy cover?
A cyber policy is designed to pay out in the event of a data related crime or accident in relation to your company. Commonly also known as data protection insurance, it is designed to kick in should criminals steal data from you via hacking or by other means.
It can also be there to support you in the event someone accidentally shares information that should not have been shared. This can result in compensation claims from those who had their data shared.
With the implementation of GDPR, protecting data you hold has never been more vital.
Who needs a Cyber Insurance policy?
You should strongly consider investing in a cyber policy if you hold large quantities of peoples data or have visibility of peoples data.
Data Protection for web based leads
Most modern day businesses have websites that are used to generate leads whether it be via an online form or to email an email address. Having either these to methods available for enquiries will create an element of risk to data.
Popular websites that generate large amounts of leads are often a target for fraudsters.
Data protection insurance for stored data
Most companies backup their data via various means. This can be through storing a copy on a hard drive or USB stick or simply on a location on the computer.
In the event of a hacker gaining access to your computer or hard drive, it is possible they will be looking to steal this information. If they are successful, by law you will be required to write to all those who had their data stolen and they will be entitled to compensation.
Cyber Insurance for business disruption
There is no shortage of stories in the news about hackers hacking into companies, changing file locations and scrambling essential IT infrastructure. When this happens, your company can be crippled often costing thousands if not millions in lost revenue or fixing costs.
A cyber policy can help mitigate the losses from such attack and help supply your company with funds when it needs them most.
How much does a policy cost?
The cost of your policy will be determined by a various number of factors. Foremost will be what protocols do you have in place to protect your data and secondly, how much data do you generate and store?
If you have good safety measures in place and don’t hold a lot of data then it is possible your insurance policy could be quite cheap. However, if you have no basic security in place and hold lots of data, you policy will be less competitive.
Why use us?
We work with a number of brokers to help you find and compare cyber insurance. Working with a number of leading UK data protection brokers, we can look at your risk and find a broker right for you.