Protect your Business with Cyber Liability Insurance

by jqm | Nov 8, 2017 | Business Insurance Blog, Cyber Liability Insurance

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:

Ransomware Protection

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.

Breach Protection

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.

Business Interruption

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.

Hacker Protection

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.

Cyber Liability Insurance

by jqm | Oct 5, 2017 | Business Insurance, Cyber Liability Insurance

About Cyber Liability Insurance

Almost every business, in any sector, now has some reliance upon information technology. Whether your business has a huge IT infrastructure or only occasional use of online services, there are potential risks that come from a business connected to a worldwide network.

Relying on the internet and IT to any level opens your business up to threats and risks including business interruption and financial loss, which in turn can lead to reputational damage, entirely down to the failures or problems with your IT systems.

Cyber Liability

A survey by the UK government found that 81% of large corporations and 60% of small businesses suffered a cyber breach in 2014. These threats and breaches come in many forms and can be anything from device theft to website hacks to malware, data loss and fraud. The same government survey also found that the average cost of a single breach is £600,000 to £1.15m for large businesses and £65,000 to £115,000 for small-to-medium sized businesses. These kinds of costs are enough to break a business and even cause it to close which is why you need cyber liability insurance.

Data leaks and losses can be the end of a business and so it is integral your personnel both understand the risks and are educated to handle them effectively.

As the above information shows, it doesn’t matter how large or small a business is, the risk is there. There has been policy to protect against these breaches, thefts and leaks for many years and as well as providing insurance, businesses have come to accept that cyber security is also a risk management technique. You have a responsibility to your customers and clients to have effective security in place to protect your IT infrastructure and the data it holds.

The sophisticated nature of hackers and online criminals means that businesses have to be agile. Just Quote Me is partnered with Cyber AMI to ensure our level of cover and education does not disappoint. Our partners are an accredited Cyber Essentials Training Partner and they specialise in providing training and education for your business and your staff, to ensure they are equipped with all they need to know about protecting the company against potential risks relating to IT. They provide education and training for absolute beginners as well as those who have experience in this area and are committed to training all staff beyond benchmark level. This equips your company with the tools it needs to protect against potential threats against your business online, protecting your reputation and financial position.

Protect your Business Reputation

Cyber and data risks can negatively impact your business and they are increasingly hard to protect against, as the technology behind the threat evolves. With Cyber AMI you have a specialist partner who evolves at the same pace as the threats, ensuring they are kept at bay and your business is fully protected.

Just Quote Me is proud to offer our clients cyber liability insurance through our partner company who are recognised experts in their field.

Get a FREE Cyber Liability Insurance quote

Contact Just Quote Me today to get your FREE no obligation Cyber Liability Insurance quote on 0800 084 2325 or fill out our Quick Quote Form.

Call 0800 084 2325