Amazingly many small, medium and large businesses in the UK don’t have any form of cyber liability cover.
A lot of companies think that having solid firewalls, data storage and antivirus programs means that they are immune to being attacked. Wrong. Even the biggest companies get hacked – do you remember Sony’s PSN being infiltrated in 2011 or JP Morgan earlier this year? – and these guys spend millions on security.
We have listed the top 5 reasons why your company needs cyber insurance.
Your General Insurance Won’t Help
Having a standard business insurance policy is recommended especially if your office floods for instance however most general insurers won’t cover any kind of cybercrime or data loss.
This is why you need an effective cyber insurance policy and it will help plug the gap that your normal business insurance won’t cover. If a hacker gains access to your customer’s details and you don’t have cyber insurance then you are not only putting yourself at risk but your clients as well.
Cloud Storage Is Still Your Responsibility
Many businesses think that because they host their data on a cloud service then it is that storage facility that takes liability. In actual fact the company itself is just as liable for any loss of data and consequences that arise from this.
Even if your cloud service is attacked or data lost due to a technical error on their part you will be the one your customers hold responsible but a solid cyber insurance policy will protect you.
Cyber Insurance Cover Is Extensive
Cyber insurance goes beyond simply insuring you if your client’s have their details stolen as a result of a data intrusion. For instance a UK cyber insurance policy can cover you for business interruptions that arise as a result of your website being down.
In fact, some policies even have cover for ensuring that you repair your image if your security has been breached which can be imperative in the short term until you gain trust again and resume an ordinary cash flow.
Insurance Companies Provide Guidance Too
The general perception is that you hire a security firm to protect your data and you hire an insurance firm in the event that something goes wrong. However a reputable cyber insurance firm can offer you data protection and security guidance as well.
From consultation on how to protect your data, getting the right technology in place and then the type of cover you need in the event that something goes wrong, this can all be obtained through a cyber insurance company.
You Can Afford It
For companies that are just starting up keeping the costs down is extremely important however paying that little bit extra for cyber insurance can limit your own liability and prove to be effective risk management strategy.
Each company needs a tailored policy of budget cyber insurance and this is why we provide quotes on an individual basis however the cost of insuring your business against cyber attacks is much cheaper than you might think.
These are just 5 of the main reasons as to why cyber insurance is so important. Why put your business and your customers at risk when affordable cyber insurance cover is available?