CYBER LIABILITY INSURANCE
What is cyber liability insurance?
Cyber risks comes from many sources. Human error, malicious (ex)employees, phishing emails, downloads, infected USB devices, weak passwords, open WIFI, the list goes on and on.
Most businesses store some form of electronic data – from basic names and addresses, to far more sensitive data, such as employee NI and bank details to customers credit card details.
And, where do we store this data? Mobile phones, laptops, memory sticks, servers, emails, the cloud, to name a few.
As we become more and more demanding in accessing our own technology, cyber crime is one of the fastest increasing crimes. That’s where cyber liability insurance comes in.
There are several issues and questions you need to consider when deciding if cyber insurance is needed.
1. First of all there is the breach itself – who in your organisation has the skills and expertise to deal with breach?
2. Then there is the forensics – who in your organisation has the skills to identify what’s been affected, how to contain it and how to put it right? Or, would you need to pay for a specialist IT company to do this?
3. You’ve then got to tell the people the breach affects – customers, suppliers, employees, etc. And, then you should be credit monitoring them to detect and prevent any further losses.
4. What about legal and PR? Have you got access to specialist legal response and PR consultancy to make sure that any damage to your reputation is kept at a minimum?
5. Then you’ve got to notify the breach to the appropriate regulator and possibly pay any fines that they impose as a result of this. Do you know their procedures and time-scales?
6. Liability is another biggie – do you have assets set aside to cover the costs of the breach of personal or corporate data, contaminating someone else’s data with a virus, or even a negligent act or mistake by an employee? You can be sure that those affected will want compensation.
7. How about the interruption to your business systems and continuing to trade? Would a breach potentially shut you down for a period? How would you cover your loss of income?
8. Ever heard of cyber extortion? This is where a system is hacked, but instead of infecting your systems straight away, a ransom is requested to make it ‘go away’.
A decent cyber liability insurance policy will cover most, if not all, of the above. Not only does it give you access immediately to the people you need but it also helps to keep your business going.
So if you want to make sure that your cyber liability insurance measures up then give G3 Insure a call on 01829 771411 or fill in the form on the contact page.
Don’t get hacked off – let G3 Insure explain the benefits of cyber liability insurance”
G3 Insure cyber liability insurance