Comprehensive cover for cyber security risks to your business
Why do I need cyber insurance for my business?
You’ll almost certainly have heard of ransomeware. The Petya virus, WannaCry, they’ve in the news almost daily. And of course, they really hit the headlines when they affect huge organisations like the NHS and the high street banks. But small and medium sized businesses are affected too. Online attacks, data breaches and hacking attempts occur every single day and are affecting UK Businesses.
You need to protect your business – your livelihood – against these attacks, and the fallout that can follow for years after one occurs.
And that is why you should consider cyber insurance for your business. At Real Insurance, we can help.
Cyber liability insurance could be critical to your business
Criminals are gaining access to businesses IT. It could be they demand a ransom to let you back into your own systems, or release your customers personal records, leading to not just loss of face and brand image, but stiff financial penalties when it is determined that your business was even partially at fault for lax security.
How would you cope with the fall out if multiple customers brought action against your business because their information had fallen into the wrong hands as a result of a breach of your systems? Cyber liability insurance can be arranged, covering the costs not just of defending any legal action taken against you, but also covering compensation payouts that you face.
Talk to a member of our specialist insurance broking team today
What is Cyber Insurance?
Cyber liability Insurance, also known as Internet Liability Insurance, Data Insurance and IT Insurance, protects against a whole host of online threats. Most notably, where the business is subject to a malicious attack by a hacker, but actually a number of risks are present due to the way modern businesses use IT and the internet.
There are 3 main types of cyber liability cover today: First Party Cyber Liability, Third Party Cyber Liability, and Privacy Liability. Let’s take a quick look at each:
- First party cyber liability insurance can compensate your business for many of the costs incurred as a result of a cyber-attack. This might include the cost of restoring and/or replacing your data, applications and programs, any actual online theft committed against you, and even loss of profit while your systems are down.
- Third party cyber liability insurance protects you against the claims of others who might be harmed by malware that reached them through your systems, if they lost data in this way, or in the case that a third party suffers loss because they cannot access your systems
- Privacy cyber insurance protects your business against any claims that someone’s privacy rights have been violated – relating to persona data, credit card numbers, medical data or similar information.
What is included in a typical Cyber Security Insurance policy?
The details depend on your unique policy, but in general cyber insurance protects you in the event that you or your organisation suffers any of the following:
Any financial losses you might incur if your website or even your ISP goes down due to a cyber-attack
Company liability due to misuse of company email or similar systems
Damage to your hardware or software systems due to malware or viruses of any kind
Liability due to potentially defamatory material on your company’s website or social media sites
Theft or unauthorised access to sensitive or confidential data your organisation holds
Many providers also offer Forensic IT investigation, crisis communications and other related services that can greatly mitigate the damage you incur during a cyber-attack.
Why arrange your business cyber risk insurance through Real Insurance?
Simply put, because we have the real world experience needed to help our clients find coverage that covers their business’ cyber insurance needs.
If you’d like help exploring your cyber insurance needs, call Real insurance Brokers today!