To learn more about how we can help you protect your business and help pay for the costs of getting you back on your feet after suffering a cyber attack, please get in touch.
Insurance Against a Cyber Attack.
A cyber insurance policy, also referred to as cyber liability insurance or cyber risk insurance, is designed to assist an organisation in financing many of the costs involved in recovering after a cyber-related security breach or attack.
There is hardly a week that goes by without some company or other being called out in the news for allowing hackers into their networks to steal confidential business and customer data or hold them to ransom. However what we don't see are all the incidents that are swept under the rug in an effort to limit their embarrassment or damage to reputation.
Notwithstanding that what companies need to understand is that unless IT and behavioural risk control measures are put in place, it is likely that it will be a question of when the business suffers a cyber attack, not if.
So what can go wrong?
To put the risk into monetary terms, if your customer database is breached you are required to notify the ICO (Information Commissioners Office). The ICO could require you to communicate with all your customers (by letter) to explain what has happened and what you doing about it, among other things. That requirement alone could cost in excess of £100 per customer record.
But cover does not have to be particularly expensive. The availability of cyber insurance has improved markedly over the last few years. Having said that the sector is still quite young so there are significant variations between insurer offerings so it is important to understand what you are buying to ensure it is what you need.