The business world, in almost every sector, is dominated by the internet and the data it produces. Almost all companies now store at least some of their customer and personnel data online, on the cloud or on private networks, connected to the internet. Despite this cyber liability insurance is still not as popular as it should be. If your business is subject to a cyber-attack the losses could be devastating.
Newsworthy data breaches may capture our attention for a short time but most of us move on with our business and think nothing of it. However, data breaches, hacks and cyber-attacks do not just happen to large and multinational companies. Any business of any size is at risk, and the potential costs can be extremely high. All businesses should consider cyber liability insurance as a priority to protect their company.
The Cost of Data Breach Recovery
If a cybercriminal did hack into your business, they quickly and easily access all the data you have stored. They may access private customer information, bank details and much more. Private business data is also at risk. Once you take into account how much of your business relies upon online data you may find the costs extensive and unmanageable.
Cyber liability insurance protects your business in the event of a breach, hack or cyber-attack and it may include cover for costs such as:
Your entire system could go down due to a cyber-attack. You may also need to close your doors to investigate the attack. This means there will be time you can’t work. This in turn can result in loss of profit and other business costs. Cyber liability insurance should provide financial compensation for this.
Once the attack is over, you need to recover your data. This too can be costly as you require expert technical support.
Support and Credit Monitoring for Customers
If a data breach effects your customers, then you have a duty to support them. You may want to offer them credit monitoring services (which come at a cost) and some cyber liability insurance policies offer cover for this eventuality.
Cyber Liability Insurance is Key to your Business Security Strategy
Every modern business needs a security strategy and this should include cyber security. Whether you’re a one-man-band or run a large company a cyber-attack can be devastating. If you store any data online or utilise the internet as a core part of your business, cyber liability insurance shouldn’t be considered optional.
Cyber Liability Insurance Quotes from Just Quote Me
Our experience in Cyber Liability Insurance allows us to help you find the right level of cover for your business. We can source a range of quotes to ensure you have options to choose from.
You can get a FREE no obligationCyber Liability Insurance quote today on 0800 084 2325 or fill out our Quick Quote Form.