Cyber Security Insurance
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What is Cyber Security Insurance?
As part of your Cyber Risk Management, you should seriously consider how you want to protect your business. Cyber Security Insurance, or Cyber and Data Risk Insurance, is there to protect you if cyber-attacks happen to your business, especially if they lead to a data breach and loss of personal data.
1 in 3 small businesses in the UK has been the victim of cybercrime. If you hold customer, supplier, or employee data then Cyber Security Insurance is something that can protect you if the worst were to happen. The majority of businesses use computers to run them. This means that you are open to cyber attacks. Even card machines or systems that take electronic payments are at risk. Your website is also an avenue that is open to threats of a breach.
To safeguard your business, it is worthwhile looking for insurance covering things such as future cyber threats, and GDPR investigations which can occur if there is a data breach, extortion or cover for ransomware, and cover for human error. Cyber Security Insurance should also cover credit monitoring for those affected.
Who needs Cyber Security Insurance?
We have already mentioned that anyone who uses computer systems to run their business is open to cyber security issues. Any business that holds personal information on employees, suppliers, and clients, will benefit from Cyber Security Insurance. As will any business with a website or electronic payment system.
Large businesses and small businesses are open to cyber threats, cyber crime, and cyber security breaches, so speak to Boothby Taylor Ltd today to discuss getting your business protected. Make sure you are covered and doing what you can to ensure you look at data protection for your business and everyone you deal with.
What Do You Need?
The easiest way to find Cyber Security Insurance is to speak to insurance brokers or insurance advisors. Make sure you check their credentials and that they are authorised and regulated by the financial conduct authority.
For those of you who are new to cyber security insurance, there is a lot to learn. You need to make sure that the policy you take out covers you for the risks that your business is open to. You will want to make sure the cover is high enough for the potential cost of falling victim to cyber crime.
Boothby Taylor Ltd is a Commercial Insurance Broker in Chelmsford; we have been helping businesses for over 20 years with our expertise and first-class customer service.
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What Happens Without It?
As with the absence of any insurance policies, it leaves your business open to liability for the costs of defending and investigating a data breach, the cost of recovering the lost data, the cost of any legal action or defense needed as a result of cyber crime. You are liable for the costs to your business but also any third party that is affected.