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Cyber insurance for small businesses
Digital technology for business has grown significantly in recent years, but so have the risks associated with it. No matter how hard you work to stay secure, your business can never be 100% safe from cyber-crime.
From targeted attacks to more general threats that circulate through the Internet, digital security is an ongoing battle.
Cyber liability insurance is designed to mitigate these risks, bringing reassurance of added protection against digital attacks. You can add cyber cover to your professional indemnity package to better manage your business risks.
Cyber liability insurance is an important consideration for businesses operating with computers, networks and client information. Sectors like financial services and others dealing with sensitive or lucrative data can be particularly at risk.
However, any sector can be affected, and companies don't need to be high profile to face attacks. Cyber crimes can affect many types and sizes of businesses.
Cyber insurance can help protect your business against the consequences of a cyber attack.
From malware to hacking, data breaches and denial of service attacks, the risk range is wide and often technically challenging. So it’s important to think about adding cyber insurance coverage that covers the specific nature of these risks to your business insurance package in order to stay safe.
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What kind of risks does cyber insurance cover?
There’s a wide range of digital risks to businesses. Targeted hacking attempts, malware such as Trojan horse viruses and the ever-present phishing attempts all pose threats to your everyday business operations.
Cyber liability insurance, included as part of a professional indemnity insurance package, is designed specifically to help cover you in the event that you suffer loss or interruption as a result of these kinds of activities.
Some common examples include:
Why do I need cyber and data insurance?
Modern businesses face a multitude of digital threats. No matter how robust your security systems are, there are still risks due to network exposure and software failures. These are a few of the most common types of attack:
The results of these attacks range from service outages to ransom demands. If your business is affected, the results can be costly and damaging to your reputation. A robust cyber security insurance package can cover your costs and keep you in business.
What type of cover does cyber insurance offer?
Cyber insurance can cover your business for losses incurred as a result of digital crime or malicious actions online. Typically this results in interrupted services, loss of data or equipment, reputational damage and sometimes legal action.
Cyber cover can help protect your business against the instance of theft or ransom demands from hackers who have breached your systems. Business losses incurred by network downtime as well as reputational damage can also be covered.
What are the main covers under cyber liability?
Cyber crime can take many forms. And unfortunately, techniques for malicious access develop, just as technology does. However, should you be affected, cyber security insurance is specially formulated to protect you and your assets. The main types of issues covered are:
Does my business need to have cyber insurance?
In today's digital world, cyber liability insurance is an important consideration to counter cyber threats. Unlike some types of cover, it isn’t a legal requirement for businesses.
However, business owners with network operations, client information and online payment systems, or even those who use email or Cloud storage, or store data on their devices, should consider it.