It is imperative that large businesses stay ahead of the game when it comes to insuring their potential cyber risks. The average cost of last year’s worst breaches has never been higher, with several costing over £1 million. The cost of cyber breaches for UK businesses has tripled in the past year and has reached billions of pounds per annum.
Cyber breaches can come from both external and internal sources. It is ultimately the CEO that’s responsible for making sure the company’s cyber security measures are up to scratch. Several high profile breaches have resulted in CEO’s losing their jobs. Its extremely important not to be complacent - hackers will vary their tactics over time.
As one security loophole closes another one opens, some of the biggest companies in the world have suffered serious cyber breaches in the last year. It would be remiss to think that this could not happen to your organisation. It is important to understand the risks you face as a large business and mitigate them with a Cyber Insurance policy.
Cyber Insurance provides specialised protection that is often not included in general liability policies. The list below is complied from the Cyber Insurance market as a whole. Please be aware that cover varies between providers.
In the event of a data breach maintaining your reputation is paramount, crisis communication cover provides specialist PR.
As software and data moves from physical office networks to the cloud, cloud cover can protect your data held in the cloud.
Protecting against claims for intellectual property rights infringement in all forms of content, including user generated.
If you are the victim of a malicious act including phishing scams, telephone hacking, identity theft and wire fraud.
Covering the loss of net profit as a result of an interruption to your business after a cyber attack or network security breach
Covering the cost of investigations and fines from data protection regulators in the event of a confidential data breach.
Costs associated with data forensics, restoration, recollection and recovery following a security breach or data leak.
If a hacker is threatening to damage your site or network, cyber extortion cover can pay the ransom payment demanded.
If a virus destroys your system, virus damage insurance covers costs to rebuild your computer systems and restore your data.
A hacker has fraudulently used your identity to enter into an agreement. Identity Fraud insurance covers costs incurred.
If your systems have been compromised, you may require expensive specialist services to assess and repair any damage.
Legal Expenses cover provides expenses and advice for a range of IT-related disputes with suppliers and employees.