What is cyber insurance and do you really need it?
Cybercrime is a threat to any business, but cyber insurance can keep your business on a stable financial footing should a cyber security event occur.
Internet transactions, technology and social media play major roles in how most companies conduct their business, with a global reach to potential and existing customers. But those vehicles also serve as gateways to cyber threats and attacks!
A cyber attack launched by hackers, criminals or even employees can cause moderate to severe losses for organisations, regardless of their size.
Businesses routinely must decide which risks they wish to avoid, accept, control or transfer. Transferring risk is where the cyber insurance comes into play and the risk is transferred to the insurance company.
How can I buy the UKs best cyber insurance policy? You should get quotes from an independent insurance broker, such as SJL Insurance Services. A cyber insurance policy can also be referred to as Cyber Liability and/or Cyber Risk insurance. Cyber insurance is designed to help a business mitigate risk exposure by offsetting the costs involved with recovery after a cyber-related attack or data breach. Cyber insurance typically covers expenses related to first parties as well as claims by third parties; there is no standard underwriting for these policies, but the main benefits are to give first and third party cover which defends policy holders against:
- Business Interruption
- Cyber terrorism
- Physical Data Loss
- Employee Data loss
- Reputational Harm
And helps policy holders with
- Re-creation if data can be restored
- Legal costs and assistance
Is Your Business At Risk?
Do I need cyber insurance for my business? Do I need specialist commercial cyber insurance you may ask? Do I need a separate comprehensive cyber insurance policy? If you answer yes to any of the following, your business could be at risk;
- Do you or your employees use computers?
- Do you take card payments?
- Do you store data?
- Do you make electronic payments?
- Do you hold customer details?
Why you should choose SJL Insurance Services
Choosing SJL means you have:
- Access to market leading-insurance companies
- Market-leading cyber insurance products
- Highly-trained Insurance executives to talk through the application process, step by step.
- Fair treatment through the process from application to claim
Cyber Case Study
A start-up tech company found malware installed on its server. The client was insured and the insurer instructed its IT forensic specialists to investigate how it had been installed and discover the function of the malware.
The client-server contained large amounts of data; the risk was that personal data had been compromised. Given the potential gravity of a breach, a thorough investigation was undertaken and it was confirmed the malware was simply cryptojacking – i.e. making unauthorized use of the client’s computers to mine cryptocurrency, so no data had been released.
- Keep your business safe from cybercrime. Talk to our cyber experts on +44 (0)1905 27775 or go to https://www.sjlins.co.uk/