According to the UK Government, last year, over 30% of businesses and 22% of charities experienced a cyber-attack or IT-related security breach. This figure has increased year-on-year for the last four years. Some experts estimate each incident costs companies approximately £27,000 to recover. With this in mind, cyber liability insurance becomes essential.
What is a cyber-attack?
The press often focusses on large-scale breaches, such as the NHS ransomware attack of 2017. However, many cyber-attacks are smaller in scale, though they can be just as disruptive to businesses. They include:
- Phishing emails aimed at gaining access to systems by encouraging staff to click on links embedded within them.
- Attackers impersonating their company in order to attack customers and clients.
- Viruses and malware, including ransomware, which can steal data or shut down systems.
Given how many businesses rely on IT to carry out their day-to-day operations, it is vital, therefore, they are protected. This includes having the right IT systems in place to keep their, and their clients and customer data, safe and insurance for if they are attacked.
What does cyber liability insurance cover?
As with all insurance, cyber liability insurance covers different things depending on the level a business chooses. However, for fully comprehensive cover, it should include financial cover for handling:
- Data breaches
- Compensation claims
- Losses and interruptions
- The aftermath and impact of a cyber-attack
- Hardware and system repair and replacement
Ideally, it should also include forensic investigation and specialist IT support.
Buying cyber liability insurance
Companies should opt for comprehensive insurance wherever possible to ensure they are covered for all eventualities. The best way to find this is through an independent insurance broker such as Just Quote Me, who can find you the best policy for the best price. Contact them today on 0800 084 2325 for a free, no obligation, cyber liability insurance quote.
All businesses rely on an IT infrastructure to some degree. As a result, you are exposed to the risks of business interruption, income loss, damage management and repair, and possibly reputational damage if IT equipment or systems fail or are breached, and you don’t have Cyber Liability Insurance.
A UK Government survey estimated that in 2015 74% of small to medium-sized organisations suffered a cyber breach. The average cost of a cyber-security breach can be as much as £310,000.
This is especially important to you if you hold:
- Sensitive customer details such as names and addresses or banking information
- Rely heavily on IT systems and websites to conduct your business
- Process payment card information as a matter of course
What is Cyber Liability Insurance?
The penalties can be high if a company’s IT security is found to be inadequate and a breach occurs. Under EU regulations which came into force 25th May 2018, you are required to notify your customers of a cyber security breach and could be fined up to 4% of your turnover.
In addition to potentially substantial fines it can also lead to a damaged reputation, legal costs and associated business disruption and lost revenue.
Will your customers trust you after a security breach?
Cyber Liability has become headline news following a number of high profile hacking cases. This has led to a greater awareness of the risks and need for cover. Yet it’s not just the large corporates who are at risk.
As a business, you are likely to hold a lot of personal and sensitive data concerning your customers. The increasing use of online portals could give hackers access to sensitive information held about individual customer accounts.
Cyber Liability covers you against financial losses and third-party liabilities up to the limits chosen arising from cyber attacks.
Every organisation is a potential victim
All organisations have something of value that is worth something to others. You may experience some form of cyber attack if you openly demonstrate weaknesses in your approach to cyber security by failing to do the basics.
Part of your risk management process should be assessing whether you are likely to be the victim of a targeted or un-targeted attack. Every organisation connected to the Internet should assume they could be a victim of the latter.
Either way, you should implement basic security controls consistently across your organisation. Where you may be specifically targeted, ensure you have a more in-depth, holistic approach to cyber security.
Recent reports revealed that despite increased efforts and spending in the realm of reducing cyber-risk, over 60 per cent of UK businesses identified that they have a cyber-security skills gap. What’s more, over half of these organisations believe they have an increased risk of suffering a data breach as a result.
What does your Cyber Insurance cover?
Cyber insurance may cover several different things, dependent on the level you opt for. There are policies which offer scalable cover including elements such as:
- Data Breaches
- Dealing with any cyber liability compensation claims
- Cover for business losses and interruption
- Cover for supporting your business through the aftermath and impact of the cyber event
- Hardware and data repair and replacement
- Forensic investigation, expert advice and IT support
Don’t risk it. Cover your business with Cyber Insurance today by getting in touch or going to this page on our website.
If you would like to know more about the possible risks and solutions to your business’ IT department, we’ve prepared a PDF with more information which you can download here.
Cyber-attacks can happen to any business, big or small, and while cyber insurance can’t protect you against them, it will help you financially. Cyber insurance can keep your business afloat should you be the victim of a data security breach, cyber-attack or similar.
Technology has become entirely integral to how almost every business operates. Your operations, systems and more are probably connected to the internet in some way. Almost all businesses store at least some files online. Every online resource you use has the potential to be compromised by cybercriminals. While this can sound daunting, it doesn’t need to, with the right security plan in place. Your company’s security plan must include protection against cyber-attacks, best found in the form of cyber insurance.
What is a Cyber Insurance Policy?
Cyber insurance, sometimes called cyber liability or cyber risk insurance, exists to help your business mitigate the cyber risk exposure by offsetting costs that come after an attack. It also helps financially during the recovery period. Cyber insurance may cover many different things but the main elements of a policy are usually:
Forensic investigation is essential after a cyber-attack and this is a costly process. Your policy will cover this investigation and help ensure the results are found and can be used to prevent further attacks
Business Loss and Interruption
Your cyber insurance policy should cover you against financial loss due to the cyber-attack. This could be financial losses due to downtime, management of the crisis and repairing reputational damage.
Customer Privacy Support and Management
If your customer’s data is compromised, you need to keep them in the loop and support them. You will need to notify them, and you may need to provide credit monitoring. This is especially important if your breach has seen their private financial credentials compromised.
Compensation and Extortion Costs
You may find third parties claim for compensation against your business in the event of a cyber-attack. You may also fall victim to a ransomware attack where the cybercriminals extort money to release your data or system. In each case a comprehensive cyber insurance policy should provide the cover you need.
Cyber Insurance at Just Quote Me
Work with us at Just Quote Me to find the best cyber insurance policy for your needs. This kind of policy is available for businesses of all sizes. Our friendly and knowledgeable team are on hand to help you find the best cover for your business.
The internet has changed the way the world works. Businesses like Just Quote Me wouldn’t be able to function in the same way without it but it does open companies up to additional risk. Any risk is something a business needs protection against and cybercrime and attacks require comprehensive cyber liability insurance for peace of mind in business.
Evidence suggests that the cost of cybercrime will hit a staggering $6 trillion by 2021 and this isn’t just a cost for large businesses. Companies of all shapes and sizes are at risk of cyber attacks and should have the right cyber liability insurance in place to protect them.
Handling the Threat of Cybercrime with Cyber Liability Insurance
There are a wide range of potential risks if your business experiences a cyberattack. Threats include:
- Security breaches which lead to financial or data theft
- Denial of service attacks which lead to loss of access to your online portals, files and/or software
- Damage to the company or third-party systems and websites
All of these types of attack come with costs, both to reputation and in financial terms. You may have to face data recovery costs, client compensation costs and other associated outlays which very few businesses can afford without difficulty. Managing the costs of cybercrime can be avoided if you have the right insurance in place and protect your business appropriately.
Cyber Liability Insurance with Just Quote Me
Cyber liability insurance providers recognise businesses of all sizes are at risk from cybercrime. This means there are policies to suit businesses of all sizes and types. Businesses who are heavily reliant on the interest such as e-commerce stores, may require a higher level of cover than those who simply maintain a small website. It is important to remember this insurance is important whether you’re a frequent web user or not. Your business’ online presence requires protection just as much as it’s physical premises.
At Just Quote Me we have many years’ experience in specialist insurance. Growing as the internet has grown we recognise the growing risks of business online. We can work with you to find the right cyber liability cover for your business.
Contact us today to get your free quotes.
Many small businesses owners believe cyber attacks won’t happen to them. Hackers, cyber criminals and other online fraudsters only care about big business. This is far from the truth. No company of any size can afford to ignore the risks of cyber-crime. Your business needs to take cyber-crime seriously and you need to consider cyber insurance for your business.
Cyber attacks take place every four seconds in the UK, according to ONS statistics, and there are millions of computer crime attacks reported every year. Cyber-crime can result in monetary loss for your business, downtime which can affect income and serious reputational damage. Cyber insurance will help protect your business financially should an attack take place.
Cyber Insurance for Businesses
This type of insurance will provide financial protection should a cyber attack affect your business. There are policies at all cover levels scalable to the smallest businesses, as well as much larger companies. Your cover will depend on the quote you accept but it should include:
- Data breach protection
- Cyber liability compensation claim cover
- Business interruption cover
- Downtime/business losses cover
- Hardware and data repair cover
All policies also incorporate forensic investigation and IT support, allowing for a closer look at what has happened. This type of insurance is incredibly specialist and can be daunting if you have little or no experience of IT and computer-related issues. It is easy to ignore cyber-crime, but if it effects your business, you won’t be able to.
Cyber Insurance with Just Quote Me
Just Quote Me operates a lot of its business online so we know just how important cyber insurance is. Even single-person businesses shouldn’t think they are immune to cyber-crime. Our experienced insurance experts will work with you to find suitable quotes. You can then explore your options and find the right level of cover for your business.
Please get in touch with us today to discuss your business needs and to go over your cyber insurance quote options
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.
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.
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.
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.