An Introduction To Cyber Insurance
The Facebook data breach was one of the most high profile cyber attack cases to be documented in recent times. Millions of users had their records exposed to the world in what could be called the latest Cambridge Analytica-style shambles for the social network. This attack may lead to $1.63 billion in fines combined with the companies reputations being dragged through the dirt.
This case really shows how a cyberattack can have such immense effects on a world-renowned brand. A perfect example of how any business can be affected, no matter how big or small, you are still vulnerable to cyber-attacks.
As a business owner, it is your responsibility to manage your own company’s cybersecurity. Storing client information creates an added responsibility for you to keep data secure at all times. If a cyberattack was to take place can you confidently say that you would be covered?
What Is Cyber Insurance?
Cyber insurance is a form of cover taken out by business owners around the globe to help protect themselves from internet-based risks. The digital age is well and truly upon us, and with these great technological advancements comes increased digital risks. No matter what sector your business lays within, there will always be the need to use technology to manage your daily operations. If there were to ever be a breach to your company’s information, would you be at risk of claims? Well, a cyber insurance policy ensures you have the suitable protection in place to help cover the unexpected costs a cyber-attack can cause.
What Does Cyber Insurance Protect You Against?
A cyber insurance policy will provide you with the cover needed to protect your business against many of the modern-day risks surrounding the internet. Cyberattacks can not only cause huge disruption to your daily operation but they can also be very costly. By having an insurance policy in place, your company will be protected from these sudden costs, you will truly have the financial support to help get your company up and running again.
The Business
Your company may just be a lot more vulnerable than you may think. Do you store client information? Is your daily operation dependant upon the use of the computer system? These are just a few of the factors that increase your vulnerability to a cyber attack, If you answered yes to any of those questions, it may be time to consider investing in an insurance policy right for your business. A cyber insurance policy will protect you against the following:
- Your company will be protected against the cost of investigating a cyber crime that has taken place.
- If any data was lost as a result of the cyber crime, an insurance policy will help to recover the data.
- With cyber crimes leaving great damage to the computer systems that you use within your business, an insurance policy will help restore these systems and networks to a state where they are suitable to use again.
- The single most damaging effect of cyber attacks is the loss of income due to your business being unable to operate. A cyber insurance policy will cover any loss that occurs while you are not in operation as a result of the cyber crime.
Third-Party Claims
Cyber attacks do not just affect your own business, as they can also have a knock-on effect on any clients that you may have stored data for. Therefore, your policy needs to protect you against any third party claims you may be faced with. Some of these claims that you would be protected against include:
- Protection against the cost of legally defending your company against GDPR breach claims. With the ever-growing importance of GDPR it may not come as a surprise that a third party may wish to take legal action against your business as a result of a data breach.
- Protecting your business from the cost of damages and settlements. Cyber attacks can cause great damage to computer systems which may lead to a third party attempting to claim against your company.
- Offering cover against the loss of third party data. If as a result of the cyberattack a client loss data you will have cover in place to keep you from claims being made against you.
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Why Does A Business In 2020 Need Cyber Insurance?
The age of technology has left us highly dependent on the systems within our workplaces. In the event of a cyber attack, we can be left very vulnerable to both claims from a third party and costs for resolving issues caused by the attack.
Now we have reached the year 2020, it’s becoming extremely common to hear about cases where both businesses and individuals have been targeted by a cyberattack, whether as a result of a data breach or any other form of attack. Having an insurance policy in place is highly recommended for protecting your business from these attacks. It’s fair to say, you can never really know if your business is going to be targeted, but at least with a cyber insurance policy you can have the total peace of mind that your company will be protected from the financial backlashes caused by the attack.
Even some of the largest online brands including Sony, Adobe, Yahoo and even South Korea have all had their fair share of cyber attacks, with some of these costing millions of pounds. It just goes to show you that no matter how large or small your business is, there is always a need to have cyber insurance in place.
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Should Your Cyber Insurance Policy Be Tailored To Your Business?
When considering investing in a cyber insurance policy its important to understand that this is not just a set package. With every business having their own specific needs and requirements, you should have an insurance policy which is tailored to your specific needs. The fact is that some industries are at more risk than others, for example, a large digital marketing agency will store a lot more client information and high-value equipment compared to a small recruitment company. Although these companies are at two different levels at risk, both require a cyber insurance policy to protect their operations.
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