Cyber Insurance is not solely for large corporate businesses. Cyber criminals do not discriminate, using malicious codes across the internet to search for vulnerabilities, with the potential to attack businesses from any sector, of any size from the other side of the world. Whether it's writing down a password, opening a malicious email or using a USB stick containing malware; we are all potential targets.
How might cyber risk affect your organisation?
- Loss of information you hold, e.g. client data, payment card information, intellectual property:
- How would you fund defence costs and payment of damages to those whose information has been lost or breached?
- What Regulatory notification or defence would you need to undertake?
- How much custom would you lose as a result?
- Loss of, or interruption to, the systems you rely upon for your business:
- Denial of service attacks, hacking or virus which stops customers transacting business with you or impairs your ability to deliver services to them.
- A Hacker installing ransomware on your system so as to extort money from you.
- Becoming liable for unintentional breach of copyright, libel, slander or defamation from your organisations use of email, your website or social media presence.
The rapid development of technology and growth of the internet has transformed the way in which organisations operate. Businesses now store greater quantities of sensitive information electronically. As a result of this increase in dependence, new risks and potential liabilities are created which traditional insurance policies are insufficient to provide cover for.
Insurance Cover is available to help you fund the cost of:
- Data – costs incurred due to loss, corruption or inability to access data
- Business interruption – Loss of income due to computer system failure
- Cyber extortion – extortion demands and mitigation costs
- Crisis management – includes specialist PR and security services
- Regulatory defence and penalties – investigation costs and regulatory fines, to the extent insurable by law
- Defamation – defence costs and awards
- Privacy breach – costs associated with loss of data
- Transmission of virus – costs and claims from unintended acts
- Breach of copyright – costs and damages.
No two businesses are the same when it comes to cyber risk; therefore it is vital to understand the potential harm your business could face and to ensure your cyber policy is tailored to mirror those needs.
Once you have cover in place, if you suffer a cyber event our dedicated claims team will manage your claim from notification to settlement, taking the stress and worry away so you can focus on getting your business operational again. We understand how each insurer works and will challenge where necessary on your behalf, keeping your claim on track. Throughout the entire process we are on hand to answer any queries or concerns you may have.
For further advice relating to Cyber Risks or any aspect of your insurance please contact us on:
|Torquay: 01803 652000||Exeter: 01392 880000||Holsworthy: 0333 2026502|
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