Lets talk about cyber insurance.
What is cyber insurance?
Cyber insurance is a type of insurance coverage designed to protect organisations and individuals from the finical consequences of cyber-attacks and data breaches by providing coverage for losses associated with cyber-attacks.
How does it work?
Cyber insurance confirms you have all of the necessary procedures in place to minimise the risks of a cyber-attack and Will compensate you if you fall victim to a cyber scam or attack.
In the event of a breach, security fail or cyber-attack many cyber insurance policies will cover the first party and third party financial and reputational costs for example if data or electronics have been lost, damaged or stolen. Some policies will also offer support with income loss if your business needs to close temporarily.
Cyber insurance policies typically cover a range of losses including but not limited to:
A data breach response and investigation costs.
Notification costs to affected individuals and regulatory bodies.
Legal and public relations expenses.
Costs related to system and data recovery.
Extortion payments to cyber criminals.
Business interruption losses.
Third party liability, including lawsuits from customers of business partners.
How much will cyber insurance cost?
To determine the cost of a cyber insurance policy and the level of coverage needed, you can run an online cyber and data insurance quote. This assessment takes into account factors like the organisations industry, size and the nature of its data and the IT systems in place.
Who needs cyber Insurance?
Any business which uses, sends or store electronic data (for example a law firm.) can all benefit from cyber insurance especially if the company store sensitive client information and would be more vulnerable to cyber-attacks and data breaches. In essence cyber insurance offers financial support for the worst case scenario.
How do I implement cyber Insurance?
You can take your first steps in setting up your cyber insurance today by contacting Liberate IT. One of our friendly engineers would be happy to help you set up with cyber insurance and answer any other IT queries.