Cyber Insurance

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About Cyber Insurance

If you run your own business in the (almost 2020s) there’s an excellent chance that digital tools are a huge part of your business operations.

The world is changing. Over the past few decades, technology has become an increasingly common presence in our day-to-day lives. With the advent of digital interconnectivity, technology has now virtually become a part of us. We feel naked without our smartphones, tablets and other devices and we reach instinctively for them an average of 52 times a day. Every time we need to answer a question, make a purchase or get in touch with a friend, we’ll usually reach into the digital realm to do so. Of course, the ubiquity of digital technology hasn’t just changed the way we live, it’s completely transformed the way we work and do business.

If you run your own business in the (almost 2020s) there’s an excellent chance that digital tools are a huge part of your business operations. They help to make your processes faster and more efficient. They help make your employees more accountable. They reduce your need for redundant personnel and ease pressure on frontline employees as well as helping businesses stay more connected with their clientele than ever before. In the 21st century, a business is only ever as strong as its IT infrastructure.

As such, in an era where businesses have near-constant threats from cyber criminals such as ransomware, phishing, and all manner of malware, it behives them to protect themselves. As well as having the right cyber security redundancies, businesses should also consider taking out cyber protection insurance. Here we’ll look at everything you need to know about this form of insurance, what it covers and why you may need it.

What is Cyber Insurance?

Cyber insurance (also sometimes referred to as cyber liability insurance or cyber risk insurance).

Cyber insurance (also sometimes referred to as cyber liability insurance or cyber risk insurance) is a policy designed to protect businesses from the ever-evolving threats which are growing increasingly common in this interconnected digital age. It is intended to mitigate risk, loss and downtime in association with such as data breaches or malicious cyber hacks on the business’ IT infrastructure.

Of course, having cyber protection insurance doesn’t mean that businesses shouldn’t build robust cyber security redundancies into their IT infrastructure. Having a cyber insurance policy in place won’t make you any less likely to be targeted by cyber criminals or hackers.

What it does mean, however, is that if the worst should happen and your business should fall prey to a malicious cyber attack, you won’t be on your own. Your cyber liability provider will help to give you the crucial support you need to keep your doors open and prevent the attack from sending your business operations grinding to a halt.

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What does cyber insurance cover?

As in any kind of insurance, there are a multitude of different cyber insurance policies on the market and the cover extended by them may vary greatly depending on the product or provider you choose.

Typically, however, if a cyber attack should befall your business, most policies will cover the lion’s share of associated costs. These might include first-party (the business involved) and third-party (the claimant affected) financial and reputational costs incurred when data or electronic systems have been damaged, corrupted, stolen or lost.

For the business involved, cover will usually include the costs associated with investigating the cybercrime, as well as recovering any data which has been lost in a security breach. In most cases it will also cover costs associated with the restoration of computer systems, as well as the loss of income incurred when the business needs to temporarily shut down.

Other costs covered may include reputation management, payments of extortion in the case of a ransomware attack, and notification costs, in the event that your business is required to notify third parties affected.

Cover for third-parties will usually include the cost of damages and settlements, as well as costs associated with legal defense against claims made against you in the case of a data breach or legislative breach (e.g. GDPR).

Broadly speaking, types of cyber liability insurance fall into the following categories:

It’s not uncommon for some policies to overlap in terms of these features and some may be extremely comprehensive including a number of the above.

Who needs cyber liability insurance?

The glib answer is… pretty much every business in the 21st century. If your business uses, stores or sends electronic data internally or externally, there’s a good chance that you may benefit from cyber liability insurance.

Most business deal not just with sensitive data of their own but the data of their customers and clients. And this data is extremely vulnerable to data breaches by cyber criminals.

And, as detailed above, a breach can have vast and far-reaching financial and operational consequences for your business. Consequences which few small businesses can recover on their own.

This is why cyber insurance should be considered an essential expense for a small business. It will give them the financial support they need to stay in business if the unthinkable should happen.

What does cyber liability insurance cost?

This can be a tricky question to answer. The cost of cyber insurance can vary enormously depending on some key variables.

Contributing factors in calculating the cost of your business’ premium might include the business’ annual revenue, the industry in which it functions, the security measures that you already have in place and the type of data held by your business. Certain sectors are more vulnerable to cybercrime and therefore represent a greater degree of liability for insurers, meaning they will, therefore, require more robust coverage.

The best way to determine how much it would cost to cover your business is to reach out to insurers and start comparing quotes for policies that suit your needs.

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Our dedicated team are here to offer you expert FCA qualified advice along with 1st class support to make sure the process is fast and simple

meet our team

Jody Pearmain
Jody Pearmain

Managing Director & Founder (My Key Finance Ltd)

Lori Norton
Lori Norton

Administration Manager at (My Key Finance Ltd)

Tyler Pearmain
Tyler Pearmain

Senior Keyman Insurance Adviser at (My Key Finance Ltd)

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Keri Gardiner

Customer Service & Website Admin at (My Key Finance Ltd)

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