Cyber & Media Liability Insurance
What is cyber liability insurance?
Cyber insurance is designed to protect businesses from internet-based risks and, more generally speaking, risks relating to information technology infrastructure and activities. It can also help you to limit the damage caused by a successful attempt to access your business data. Cyber liability policies can offer support such as data recovery and business interruption cover which can help you to get you back on your feet in the event of a cyber-attack.
Do I need cyber liability insurance?
If your business handles sensitive customer data such as names, addresses, or banking information, or you are reliant on computer systems to conduct your business, you should be protecting your customer data as this could be compromised in the event of a security breach.
Some people feel that their business is too small to warrant investing in cyber liability insurance; however, according to a report by the Federation of Small Businesses, two-thirds of their members were victims of cyber-crime between 2014 and 2016. Our cover is designed for businesses with an annual income of up to £10 million, meaning that it can be tailored to suit your needs even as a small business.
Most importantly, you need protection against the financial loss that you will suffer if your customers’ personal identifiable information (PII) is lost, stolen or leaked. From April 2018, the General Data Protection Regulation (GDPR) means a company can be fined up to €20 million or 4% of its turnover (whichever is the higher figure).
What does cyber liability insurance cover?
Cyber liability insurance can cover you for a range of different security breaches including:
- Data breaches following employee theft
- Data breaches following loss of a memory stick
- Cyber business interruption
- Denial of service attacks
- Data breaches following hacking
These are just a few examples of what could be covered by a cyber liability insurance policy.
Things to consider when choosing your cyber liability insurance
When investing in cyber insurance it is worth looking at the potential risks your business faces and if there are way to reduce them. Even large companies with departments dedicated to IT security are at risk of data breaches but there are some actions you can take which may reduce the threat.
- Regular training for staff– Hacking techniques are developing all the time and it is important that staff are kept up-to-date with the latest threats to keep an eye out for.
- Data encryption –This is different to having a password: it scrambles the data on a hard disk so that it can only be accessed with a decryption key. This is generally considered much safer than password protection.
- Storing portable devices at work –Limiting the chance of laptops or tablets being left in public can help to reduce the risk of hacking due to the loss of a device or memory stick. Although it is not always possible to keep these devices in the office it is certainly worth considering.
- Keeping up with legal changes –It is important that you stay up-to-date with any changes in the law to ensure that your insurance does not become invalid without your knowledge
What else do I need?
For more information or a quotation for this type of cover, please Contact Us, call 01702 560230 or email us at [email protected]
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