It is no secret that the majority of our lives and business is completed online, this also means however, that the risk of cyber attacks is now higher than ever. So, it is essential to protect yourself and your business from cyber attacks.
You can do this by investing in cyber protection insurance. This is a relatively new form of cover as cyber risks have recently begun to become more prevalent.
Some of the biggest benefits of cyber protection insurance include covering financial and reputational losses incurred by cyber attacks, as well as providing liability protection.
Let’s take a look at some of the ways that cyber protection insurance can help your business.
Business Interruption Losses
Having cyber insurance will ensure any and all financial and work related losses that you may suffer as a result of a cyber incident or attack are covered, so your business is not significantly impacted.
Cyber Extortion
Depending on the nature of the cyber attack, the hackers may try to blackmail your business by requesting a payment in exchange for your data or systems.
Without insurance this can be costly, and if you cannot afford the ransom amount you risk losing all your data. With cyber insurance, all the costs of hiring professional negotiators, covering the demands, and preventing future threats will be covered.
Electronic Data Replacement
Repairing, recovering and replacing your business’s data can be a time consuming and expensive process following a cyber attack.
If you have insurance, through this process won’t hurt as much, as all costs will be reimbursed. This ensures you can get back to normal business operation as soon as possible, with minimal financial losses.
Security and Privacy Liability
Cyber breaches can result in damage to your reputation if any third party data held in your system ends up in the wrong hands.
Having cyber liability insurance your insurance company will help minimise the damage to your business. They will cover the included costs of immediate responses, ensuring payments are made on a no fault basis without admission of liability. This will ensure your business’s reputation is protected.
Legal Costs
If you need to seek any legal defence or have to face court for any reason related to a cyber breach or attack, your insurance will cover all relevant legal costs.
As well as covering defence costs, your insurance company will also cover all legal expenses and costs that arise from government regulator investigations.
Electronic Media Liability
Cyber attacks can result in a massive data breach, which can have detrimental effects on your business, financially and reputationally.
Cyber insurance will ensure your reputation remains intact and cover all costs associated with data breaches, including copyright infringement, defamation claims, and the misuse of certain types of intellectual property online.
Crisis Management Expenses
If you have to call in crisis management experts to help manage the effects a cyber attack has had on your business or team, your insurance provider will cover for the costs.
Notification and Monitoring Expenses
Notifying all of your customers of a security breach and monitoring all of their data against future attacks can be expensive and time consuming. However, with insurance it doesn’t have to be, your insurer will cover all of these expenses for you.
If your business has a website or any electronic data online, it is important that you protect it. If your business is in need of cyber protection insurance we can help.
You can visit our website to learn more about our insurance services or contact us to request a quote to start protecting your electronic data.