When it comes to cyber liability cover the terminology used and different options available can be confusing for most people. The thing that a lot of businesses don’t realize is that there are different types of cyber insurance available to suit different markets.
Here at cyberinsurance.co.uk we want to put digital insurance in plain and simple terms and today we are going to be focusing on first party cyber insurance.
What Is First Party Cyber Insurance?
For most non-IT specific businesses that store customer details and sensitive information then first party insurance is the most comprehensive cover available. Its prime object is to cover the business in the event of a data breach and the fallout from the intrusion.
Essentially any company that stores data for clients even if this is hosted on a cloud service needs to have first party cyber liability cover to protect them in the event of an attack.
So, What Does This Insurance Cover?
One of the big areas that first party insurance covers is the period directly after an attack. For many small and medium sized businesses the days, weeks and even months following an intrusion can be tough as they have to build up confidence again. This type of cyber cover can help to plug the revenue stream gap that can arise and also be used to fund a PR campaign to get the business back on its feet again.
Furthermore it can cover a forensic investigation to catch the perpetrators and also assist in retrieving data from damage systems.
What About The Client’s?
It is normally third party cyber insurance that deals directly with your customers. A good way to think about it is that first party insurance looks after your business and third party insurance looks after your clients.
We are going to look at third party cyber liability cover later however it is important to have both. Any reputable business that not only cares about their own protection but that of their customers as well will ensure that their cyber insurance is made up of both parts.
Protecting Your Business
Cyber attacks are treated on the same level as terrorist attacks and for good reason.
If an attacker accesses the confidential information that your business holds then it can be devastating both for yourself and for those that have put their trust in you however with first party cyber insurance you can decrease your own risk and protect your company.
Why put your business and your customers at risk when affordable cyber insurance cover is available? Fill in our Quote form or contact us for more information.