What is cyber liability insurance?
Cyber liability insurance is also known as cyber and data risks insurance. It is designed to protect your enterprise if it is involved in a data breach or becomes the victim of malicious hackers. At Thompson and Co, we can provide a comprehensive insurance solution for your data and the systems that it is stored on. We can provide you with a policy to cover a range of eventualities, including cyber extortion, breaches, business interruption and more.
What the insurance can cover?
This type of insurance can provide you with compensation resulting from loss of income or reputational loss after a hacker accesses your systems and brings business to a halt. It can also cover the cost of repairing, restoring and replacing websites, programmes and data. If a data breach does occur, customers may make claims against you for failing to keep their data secure. Again, your insurance policy can cover this as well as expenses related to investigations.
The right cover for your needs
There are various levels of cover available to you. The cover that you will need depends on various factors, and these include the size of your business, how much you depend on your systems, the size of the sensitive data you hold and how much of it you have. Cybercrime can affect businesses of all sizes, from the smallest start-ups to the largest and most well-known global organisations.
No business is immune from risk
Cyber insurance can protect you from the risks of having an online presence and can limit the damage caused by a data breach. It can also help you resume your operations quickly following a cyber-attack. Any business that deals with sensitive data including names, addresses and banking information can benefit from purchasing cyber insurance. A report from the Federation of Small Businesses found that two-thirds of its members had become victims of cybercrime over a two-year period, so it really is worth taking action even if you don’t think you’re likely to be targeted. The new GDPR rules mean you can be fined up to 4% of your turnover or up to €20 million – whichever is greater – if your customers’ sensitive information is stolen, lost or leaked. Your insurance can cover you for everything from the loss of memory sticks and employee theft to data breaches, business interruption and denial of service attacks to give just a few examples.
Getting in touch
Contact us today if you need help with cyber insurance. We are a leading insurance broker service arranging cover for a wide range of companies and organisations including charities, transport and logistics firms and many more. We can explain your options to you and help you find the ideal cover for your needs to give you the peace of mind you need. You can get in touch with us today by calling us on 0121 796 0123 or by sending an email to firstname.lastname@example.org.