Cyber insurance for Small Business
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Cyber Cover for Businesses
Cyber insurance is central to protecting businesses against the growing threat of a cyber attack. It is intended to provide organisations with protection against the financial risk posed by cyber security threats such as ransomware and data breaches.
What is cyber insurance?
As the digital presence of an organisation expands, so does the potential cyber risk that it faces. Cyber insurance covers your business’s liability in the case of cyber attacks and data breaches, providing financial protection and support to help recover from these events.
Who is cyber insurance for?
Cyber insurance is beneficial for any business that operates digitally, especially for those that use or store sensitive information. For instance, medical practices could be targeted for private medical records, or financial institutions for the credit card information of customers. If a business were to witness an attack that exposed personal information without the appropriate cyber insurance policy in place, the business would be considered liable for any damages.
What are the most common cyber risks?
Cyber theft is a catch-all term that encompasses the actions of cyber criminals, whether it’s stealing personal information or other forms of sensitive data for the purpose of extortion.
- Malware (malicious software) is a form of attack where code is installed that can make systems vulnerable to data theft and damage
- Hacking is the attempt to access computer systems by cyber criminals – once access is gained, systems may be shut down entirely.
- Phishing is the practice of sending scam emails or text messages, often undertaken by a cyber criminal fraudulently posing as a reputable person or business, with the aim of stealing sensitive information from victims.
- Ransomware is a form of malware that locks users out of their computer systems, followed by a ransom demand from cyber criminals in exchange for decryption.
The cost of cyber crime globally is expected to rise to $23.84 trillion by 2027, up from $8.44 trillion in 2022.
What does cyber insurance cover?
Cyber liability
Liability under a cyber insurance policy works in a similar way to other liability insurance policies – it covers you for damages you’re legally liable to pay to affected parties in the event of a breach of privacy law where their personal data is lost, stolen or incorrectly made available.
Breach response
If a data breach occurs, your business will be responsible for investigating its cause, notifying people affected and providing support such as helplines and credit monitoring. Businesses will also be covered for their legal costs and costs incurred in hiring specialist pr and crisis management.
Cyber crime
Where extortion happens, you are covered for the cost of investigating a threat, as cost of payments to prevent or resolve the threat. Coverage can also include business interruption covering financial loss if a cyber-attack prevents you from using your computer systems.
Did you know?
43% of cyber-attacks target SME businesses, and 60% of these SMEs that fall victims of a cyber-attack go out of business within six months.
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Cyber Insurance: Your Questions Answered
How much does cyber insurance cost?
Like all types of insurance, the costs will vary depending on your industry, how much cover you need, and your turnover.
Will it cover the cost of ransomware?
Cyber extortion cover can be arranged as an optional extra and will include payment of money, goods or services made under duress to prevent or terminate an extortion threat.
Will it cover the costs of any regulatory fines?
General Data Protection Regulation (GDPR) fines aren’t insurable under UK law but the cover we can arrange includes emergency breach response which may help reduce the value of the fines you receive by dealing with the breach swiftly and effectively.
Will cyber insurance cover issues that occurred before we took out cover?
Cyber-attacks and data breaches are often discovered some time after they first occur. The cover we can arrange will protect you against attacks and breaches from when they were discovered rather than when they happened.
What does cyber and data insurance cover?
Cyber and data insurance can cover the costs of damages and claims expenses you’re legally liable to pay in the event of a data breach or security failure. It will cover the costs of breach response services such as consultants, call centre services and crisis management expenses.
Can it cover the costs of replacing affected equipment?
Whilst cyber insurance doesn’t typically cover physical damage to equipment, it will cover the cost of restoring or regaining access to software or electronic data in your computer systems in the event of it being altered, corrupted, destroyed or deleted.
Will it cover physical data breaches?
While it might be called cyber insurance, you will be covered for all types of data breach, including the loss of hardcopy client folders or incorrect mailing of documents.
Why do you need to know if our equipment is encrypted?
Similar to household insurance, if you don’t have the basic security measures in place your premiums will be affected as there is a higher likelihood that you will need to make a claim.
Cyber Insurance Resources
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