Cyber Risk Insurance
Covering the costs of a cyber security data breach.
Cyber Risk Insurance (Cyber Liability) is one of the fastest growing areas of cover as businesses become ever more reliant on technology. But getting cyber security and information protection right is a challenge for all companies, no matter their size. Which is why Cyber Risk insurance cover should be held by any business that:
holds sensitive customer data, (names, addresses, banking information, etc.),
is reliant on computer system to conduct business,
has a website,
is subject to a payment card industry (PCI) merchant services agreement.
When it comes to the risks associated with digital assets, insurance has become more important than ever. Attacks and security breaches are happening with frightening regularity, and these are just the ones we know about.
With the fallout from a cyber breach proving to be a very real threat to the financial performance of a business, cyber and data risk insurance is now a must.
This policy is designed to support and protect a business should it ever fall victim to a data breach or falls afoul of a malicious hacker.
No matter how good a business may believe its security and procedures to be, hackers are usually one step ahead of the game when it comes to knowing how to gain access to systems and breach data security.
With comprehensive Cyber Risk cover in place, a business will be covered from both losses sustained by a breach as well as any liability for damages that may be claimed by a third party.
Cyber Risk Management
When it comes to cyber security, we understand that insurance is just there to cover a business should the worst happen. Cyber risk management is a vital part of ensuring that a data breach doesn't happen in the first place.
That is why we see ourselves as more than an insurance broker, we are also a trusted partner.
Financial compensation is not all that’s needed to deal with these new and evolving risks.
We are happy to help provide you with the knowledge to help you actively minimise the chance that your business will suffer a loss.
Through expert partners, we can put your systems under stress (via penetration and phishing testing) to expose any vulnerabilities. This approach, together with the education of your staff regarding effective password usage and control, will help your business mitigate the risk your business faces.