A study carried out by the UK government shows nearly half of UK businesses identified at least one cyber breach or attack in the last year. This shows how vital protecting your business against cyber-attacks is and this is why cyber liability insurance has become essential.
What is Cyber Liability Insurance?
Cyber liability insurance is designed to support and protect your business financially in the event of a cyber-attack. It will also protect your business should there be a data breach or hackers break into your system. Cyber liability insurance is comprehensive cover to help cover the costs of a potentially damaging attack.
How can a Cyber-Attack Cost your Business?
If you’re not aware of how cyber-attacks can effect your business then it is unlikely you’re aware of the costs involved. Cyber-attacks can result in downtime and it can result in breach of client data, which can be both reputationally and financially damaging. A comprehensive cyber liability insurance policy will offer:
Should you find a hacker or cyber-attacker wants to extort funds from your business your insurance policy should cover the cost of the ransom.
A quality cyber liability policy will offer practical as well as financial support. You may be able to access forensic investigative services, legal advice and support services for your affected customers.
Your policy should provide cover for loss of income due to business interruption during the cyber-attack. It may also provide cover for loss of income due to reputational damage.
If a hacker accesses your website, systems or other connected servers, your insurance policy will reimburse you repair and replacement costs.
Cyber-attacks are not something to take lightly. They are becoming increasingly common. All prudent business owners should consider cyber liability insurance a necessity, rather than optional cover. At Just Quote Me we can talk through your options at any time. Our team will help you find the right policy for your business.