Cyber liability insurance

Why you need cyber liability insurance

Regardless of your size, no business is immune to the threat of Cyber criminals. With an ever-increasing reliance on technology the consequences of a cyber-attack range from temporarily putting a business out of action to financially destroying it.

Recent global events have also shown that even the so-called world’s most successful companies have proved that even the most robust defences can be breached. Cyber insurance also generally includes significant assistance with and management of cyber incidents both before and after an incident has occurred.

Cyber-attacks are expensive because they don’t just cause immediate disruption, but also long-term damage. A single cyber attack can shut down an organization’s critical systems and grind entire businesses to a halt. This leads to lost sales, missed deadlines, and a general drain on productivity.

What is covered under a cyber liability insurance policy?

Cyber insurance covers the losses relating to damage to, or loss of information from, IT systems and networks. A majority of financial losses are first party and include theft of data, theft of funds and or damage to digital assets. Any actual or suspected unauthorised IT system access, privacy breach or electronic attack constitutes a cyber incident/event.

To protect you from these losses, cyber insurance policies usually cover customer notifications, data breaches, data recovered, system damage repair etc.

In the event your business falls victim to Cyber attacks, a Cyber insurance policy can provide more than just insurance:

• 24/7 access to Data breach/Legal experts, IT forensics and Public Relations advisers who will provide support in the event of an actual or suspected Cyber Incident. Urgent response to an incident is essential to mitigate losses and potential litigation from third parties.
• Investigation and defence costs, civil damages, compensation payments to affected parties.
• Assistance with customer notifications, data breaches, data recovered, system damage repair etc.
• Assistance in complying with Data Protection Legislation and Notification obligations following a data breach
• Access to specialist ransom and extortion advisors

Cyber security myths and misconceptions putting your business at risk.

Unfortunately, many business owners often have misconceptions about cyber:

1. We Are Not a Target for Cybercriminals

It’s a common misconception among businesses, particularly the small to medium sized firms to believe that they are not a target for cybercriminals. The sad reality is, every business – regardless of size, industry, or type of data held is susceptible to cyberattacks. Cybercriminals, like robbers, are mostly opportunistic who exploit vulnerabilities and often see small to medium-sized firms as prime targets due to a perception that they will have weaker cybersecurity defenses

2. A Firewall and Anti-Virus Software Will Keep Hackers Out

Although a firewall and Anti-Virus software are crucial in protecting networks from unauthorised external access, they cannot solely be relied upon. Most businesses that have fallen victim had these defenses in place because hackers are continually looking for vulnerabilities to exploit, whether through applications or employees.

3. Cyber Security is the IT Department’s Responsibility

Although IT staff may be responsible for the implementation of Cyber Security technologies thereby bearing the shoulders of an organisation’s IT department., Cyber Security is the responsibility of everyone within an organisation.

At Eaglemat we recognise businesses have differing levels of exposure and we have expertise in tailoring cyber insurance solutions to individual business requirements. For quote today, please just call  0333 355 2761 or fill out the form below, and we will be happy to help.