In today’s technological age, cyber risks have become a concern for all companies with impact varying on the kind of business. Recent national and international regulations imply that companies are facing increasing challenges to ensure that data and their IT environments are proactively protected from harm.
A cyber risk can be classified as an infringement of data or systems. Companies are vulnerable to cyber attacks given their limited resources. Not only is data protection good for the business, it also allows companies to adopt reasonable security arrangements so that compliance with data protection laws are met. All companies are legally responsible to protect personal data in their possession, which renders cyber insurance a priority these days.
Why does my business need cyber risk insurance?
What is cyber risk and data protection insurance?
If your company experiences a cyber attack, a good policy will cover you. A cyber insurance policy is a combined coverage policy including a direct loss component if suffered by the insured party and a liability component insurance cover.
Third party coverage: Privacy and data protection
- Third party and privacy liability for damages and claims expenses as a result of a data breach
- Privacy regulatory defense and penalties
- Notification expenses which notify affected persons of privacy breaches and credit monitoring
- Public Relation in order to limit and mitigate the reputation impact and image
- Payment Card Industry (PCI) fines
First party coverage: Business interruption and loss of digital assets
- Forensic costs to evaluate and contain a breach
- Any costs incurred in data restoration and cyber extortion
- Business interruption: indemnification for loss of gross margin
These costs could easily run into the hundreds of thousands if you aren’t insured. Need to discuss cyber risk insurance options available? Give our Business Insurance team a call and they will walk you through your options when it comes to cyber and data protection.
We can design tailor-made solutions for all companies wishing to actively protect themselves against digital risks, and in particular financial institutions, industries, communications, technology & media companies and retail companies.
Next Steps
Need to procure cyber risk insurance? We are here to guide you through the process. Fill in our online form and we’ll employ available data and details to put together a bespoke plan for your business. The value of cyber risk insurance shouldn’t be underestimated in our digital world. Leave the planning to us and focus on the business. Leverage our award winning brokerage services and network for stellar insurance journeys.
ARE YOU SERIOUS ABOUT DATA PROTECTION FOR YOU AND YOUR CLIENTS?
Call our team today and have a chat about how we can help you and customers stay protected against cyber risks.