Cyber insurance is the latest phase in the insurance market which is slowly creeping its way towards being a must have of all everyday businesses. Whether you are a small one person business or a large corporate company, if you use the internet there is no escaping the potential of a cyber-attack.
So what is Cyber insurance and what does it protect. To simplify it, it is a modern day theft. Crime of the past is robbing shops and houses or stealing cash, whereas today’s crime is hacking into to businesses, stealing data, data destruction, extortion, hacking and denial of service attacks.
Your standard liability policy will not cover you for cyber insurance at the moment. This type of cover is a bespoke stand-alone product, but this product will cover your company for liability indemnifying for losses to others caused by the means of errors and omissions, defamation and failure to protect data.
As this is a new insurance compared to the well-established products on the insurance market and as cyber threats keep increasing, insurers will keep on developing their product and it’s pricing.
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Cyber claims are apparent and claims can be costly, so in the event of a large claim, having Cyber insurance in place is hugely beneficial. With this in place, large losses will be recovered by funding from the insurer and the company can return to normal.
A lot of companies think they are safe from threat due to having antivirus and anti-spam software, intrusion detection systems and more extras that IT companies will hand them. Yes they are all good products and yes they do serve their purposes in blocking out access into your software and yes they do reduce threat, but they can never 100 % state claim to stopping it entirely.
Cyber protection is becoming a must have, it will protect your company from eavesdropping, hacking, denial of service, spams, pushing, worms etc., so if you think you have the right security in place with all your current protection, then take it one step further as just like a fully protected house, there is always an angle for break no matter how safe you think you might be.
If you would like to find out more about this cover then give our team a call and they will happily discuss this for you and it is FREE.