Does your business have an online presence? If you said yes, then cyber insurance cover is a must.
That’s because most businesses use computers and are connected to the internet, and cyber criminals are cunning and don’t discriminate when it comes to an attack.
Data breaches can be expensive as they can take your business offline for extended periods of time. They can even cause irreversible damage to the reputation of your business – especially if hackers get their hands on your clients’ sensitive information.
At Insurance Web, our qualified brokers understand the needs of your business won’t be identical to others; that’s why we take the time to understand your circumstances and the cyber risks your business faces.
That way, we can work out the best coverage to suit your needs and situation.
What Is Cyber Event Protection and Cyber Liability Insurance
Cyber liability insurance is coverage that is designed to protect your business against cyber risks such as attacks by hackers and data breaches that impact your clients via their association with your business. It can also offer support in the event of a cyber event, more commonly known as Cyber Event Protection Insurance for your own business losses.
When it comes to finding the right cyber insurance, a range of factors must be considered.
Those include the types of cyber risks your business faces, how much it would cost if a criminal targeted your business, and how much sensitive customer data you have access to and store.
Benefits Of Cyber Event Protection and Cyber Liability Insurance
While some breaches can be unintentional, any data breach can cause significant damage to a business’s reputation and even cause huge losses for both your business and your clients’ businesses.
Having coverage in place can alleviate some of the costs associated with cyber threats and even prevent some of the more serious consequences of an attack.
Cyber Insurance: What’s Included
What is included will be dependent on the policy you choose, but the following may be covered:
- Losses to your businesses, including revenue and business interruption
- Penalties and fines
- Losses to others, including clients
- Extortion costs
- Costs associated with defending a cyber claim
- Costs associated with responding to a cyber attack, such as data recovery costs and investigation costs, as well as crisis management costs and PR
Cyber Insurance: What’s Not Included
Again, exclusions will vary from policy to policy, however typically cyber insurance doesn’t cover events such as, but not limited to:
- Intentional acts or intentional data breaches
- Defective equipment or faulty design or construction or insufficient capacity of your IT infrastructure
- Damage to physical property (* optional extensions available)
- Replacing physical equipment (* optional extensions available)
- Loss of Trading Income (* optional extensions available)
* Optional extensions only available if specifically requested and quoted
- Optional Covers – Criminal Financial Loss Cover (generally excluded unless requested and quoted, and not all insurance providers will offer this)
Criminal Financial Loss includes events such as:
a. cyber theft
b. socially engineered theft,
c. telephone phreaking or
Are you ready to discuss coverage for your business? Click here to get in touch with Insurance Web today to discuss your situation and needs.
It’s also important to note that we believe cyber liability insurance is by no means the only protection your business should have against cyber criminals.
We share eight (8) other ways to protect your business in our blog here.
Insurance Web is your local insurance expert. Known for our simple processes, cost-efficiency and trustworthy staff, we’ll help you get the right business insurance cover, so you can trade confidently and securely right now!