What is cyber and data insurance?
Cyber and data insurance is designed to protect your business from exposures such as hacking, data theft and system infringement. Ransomware, password attacks and distributed denial of service attacks (DDOS) are becoming more and more common meaning there is an increasing need to protect against these risks beyond firewalls and anti-virus software. Cyber and data insurance can help to protect and support you if you fall victim to cybercrime.
Do I need cyber and data insurance?
If you have a website, hold personal data about your customers, suppliers or even employees, rely on computer systems as part of your day to day business, then you have a cyber and data exposure that you may wish to protect. Cyber insurance is designed to support your business if your systems are accessed online by malicious hackers and they cause damage. Whereas the data element covers the physical loss of the data should it be corrupted or lost whether electronically or not.
Cyber and data insurance can’t stop a hacker getting in, but it can provide crucial support if your data is compromised. The covers included can help you recover in terms of IT forensics to identify and eliminate any viruses on your systems, legal assistance to help guide you through the process of notifying the relevant authorities, and understanding your liabilities and PR representation to allow you to control the communications following a data breach as well as financial assistance for a loss of profits or the re-instatement of your data.
Why do I need cyber and data insurance?
Most businesses rely on some form of IT, whether its computers, mobiles or card machines to take payments. While the ‘Internet of Things’ (IOT) brings a wealth of new opportunities, with it comes a number of risks and threats, meaning the need for cyber protection has never been so important.
Whether your business is focused online or you’re subject to a payment card industry (PCI) merchant services agreement in your shop; cyber and data insurance is designed to support and protect you in the event of an infringement on your systems.
If you owned a building, you would arrange insurance to protect against fire, flood and a number of other perils that could damage or destroy it. This financial protection not only gives you peace of mind but more importantly responds when you need it most. Your computer systems and data storage units are no different which is why every business that relies on an IT infrastructure, however big or small, should arrange cyber insurance to future proof the organisation against the growing threat of cybercrime.
What does cyber and data insurance cover?
Working closely with Hiscox, a leading provider of cyber and data insurance, we arrange cover that gives comprehensive protection against a number of cyber and data risks, specifically designed for SME’s.
These covers work in conjunction to minimise disruption and help you manage and contain a situation following a breach with help and support from a number of experts. The following covers are included as standard: