We live in a digital world and business is increasingly carried out online. Cyber insurance for business offers your business protection from digital threats. Your business may or may not sell online but you probably use email, have a computer system or handle customer data in some way.

If your business handles customer data or stores sensitive data, then it is open to the risk of cyber attack or data loss. A cyber attack or data breach can have financial and reputational consequences as well as interrupting the operation of your business. 

The idea of a cyber attack may seem like a science fiction movie but it is possible that your computer system could be hacked or data stolen from your system for ransom, for example.

Protect your business against loss as a result of digital threats including hacking or cyber attack, or third party data breaches with cyber insurance.

Cyber Security Insurance for Business

What does cyber insurance for business cover?

Cyber insurance is a specialised type of business insurance that offers your business protection against digital threats or cyber crime. 

Cyber crime can lead to loss of IT services, financial loss, or your business may be unable to operate for a time.

You may face the legal costs of defending a claim and the incident may need to be investigated, third parties notified, data and computer systems restored. Your business may also face regulatory fines and be liable for compensating third parties affected by the cyber event.

When getting cyber security, consider the following coverage:

  • Cyber extortion cover
  • Liability for card payment data cover
  • Regulatory fines cover
  • System failure cover
  • Hacker damage cover
  • Telecommunication Fraud cover

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Help after a cyber crime

Cyber insurance typically involves support in dealing with the aftermath of the digital crime or data breach, investigating the breach, restoring systems, recovering data, mitigating the effects on the reputation of your business, as well as financial protection for the costs associated with such an occurrence.

Who offers cyber insurance for business?

Standard business insurance may not always include cyber liability cover so it is important to discuss your business insurance needs with any potential insurer or with a business insurance broker, such as Compare Insurance, to ensure that your business is protected against digital threats.

Business insurance is provided by:

AXA - Home Insurance
FBD - Home Insurance
Aviva - Home Insurance
Zurich - Home Insurance
Allianz - Home Insurance
AIG - Home Insurance

Specific cyber insurance is also offered by:

AIG - Home Insurance

Benefits of cyber insurance for business

Cyber insurance for business offers protection against cyber attacks and data breaches in many ways:

The theft of money or property due to computer fraud or the loss of money, hardware, or software due to a cyber attack may be covered by cyber insurance.

Digital threats may also come from inside your business such as an employee mishandling customer information. Employee dishonesty or employee fidelity, where an employee is responsible for a data breach or fraud may also be included in cyber insurance cover.

Identity theft occurs where staff or customer’s personal information is stolen in order to make purchases or open accounts. Protection against identity theft may be included in cyber cover.

Use of ransomware, where your system could be hacked and a ransom is demanded to restore access to or decrypt files, may be covered by cyber insurance.

Ransom payments may be covered by cyber insurance, mitigating the financial loss to your business.

A ‘phishing link’ email opened by an employee in error may affect your computer system or may trick someone into exposing passwords or financial information. Many data breaches begin with ‘phishing attacks’.

Legal fees related to defending third party data breach claims can be covered by cyber insurance. 

Regulatory fines and costs associated with regulatory investigations and court costs can also be covered with this type of specialist business insurance.

You or an employee may inadvertently share customer data, or an employee may do this maliciously.

Malware software is a malicious programme or code designed to control and damage a business’s computer system or to steal data. Malware can affect the operation of your business and cause a data breach.

Compensation for affected parties as well as investigation costs arising from a data breach can be covered by cyber insurance, meaning that your business is financially protected in such an event.

Technical support, specialised legal advice, and reputational management support can all feature as part of a cyber insurance policy.

PR support in the event of a cyber event can mean that the effects on your business can be mitigated and can be included in cyber business insurance as well as financial protection.

Technical expertise and assistance following a cyber event, including forensic investigation into a cyber attack, as well as specialist services to resolve the breach and recover data and IT operations are typically included in cyber insurance.

Cyber insurance in this way offers support beyond financial protection against losses incurred in the breach.

Cyber business interruption cover, like business interruption cover for other types of business insurance, offers financial protection against any loss of income following a cyber event.

Where your business is restricted in operating following an insured event or experiences network downtime, business interruption cover may offer financial protection while you are unable to operate, or operating at a reduced capacity.

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What businesses need cyber insurance?

In short, all businesses can be open to cyber risk. If your business uses email, has a website, or operates computer systems or an IT network, especially if your business deals with data or stores sensitive data, then you may need business cyber insurance.

Business cyber insurance will protect your business against malicious activity and may help to ensure compliance with data regulation and laws. Cyber insurance can also protect the reputation of your business against any loss of confidence following a cyber attack or data breach.

Business insurance for trades people usually includes product liability cover

GDPR compliance

GDPR is an EU regulation on the personal data and privacy of EU citizens collected and held by any organisation. If your business is in breach of this regulation, you may be liable for any loss suffered by a third party as a result of the data breach.

Business cyber insurance will protect and support your business. A cyber event can have serious financial and business repercussions for the business you have worked hard to grow.

Contact us today

Digital threats, such as cyber attack and data breach, can be devastating for your business. Get financial protection, as well as support in managing such an event, by purchasing cyber insurance.

Our specialist business insurance advisors can discuss your cyber insurance needs with you and assist you to find cover for the risks your business may be exposed to. 

Cyber insurance is tailored to your individual businesses exposure to cyber risk and may not be as expensive as you think.

Fill out our online assessment or call us today and protect your business with cyber insurance.

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