CYBER INSURANCE

Overview

Digital risk is a growing concern for small businesses in every industry, making cyber insurance increasingly essential to mitigate the effects of a cyber-attack. Cyber criminals target all types of businesses, regardless of size or industry. Whether you run an independent shop, a charity, or a veterinary surgery, if you use email or rely on online systems, your business is at risk of a cyber-attack.

Cyber insurance covers the costs associated with an attack, such as breach response, legal support, system rebuilds, and financial losses. Since not all policies are the same, it’s important to work with a broker to find the most suitable cover for your business.

Who needs Cyber Insurance?

Any business that relies on online systems or software, regardless of size or industry, should consider cyber insurance. Cyber threats are not limited to large corporations; small businesses are equally vulnerable to attacks that could result in substantial financial and operational damage.

What does it cover?

A comprehensive cyber insurance policy should cover both first-party and third-party costs, including:

Direct costs to respond: Incident response, legal services, forensic investigation, ransom payment facilitation, and regulatory breach notification costs.
Liability to others: Compensation to third parties impacted by a data breach in your systems.
Business interruption and reputation damage: Coverage for revenue losses due to operational disruption caused by a cyber incident.
Cybercrime: Protection against financial losses from methods like phishing or payment interception.
Recovery and restoration: Costs associated with restoring essential data, technology, or equipment after a cyber event.

What else might you need?

Breach notification service
Incident response teams
Cybersecurity monitoring and risk assessment tools

Other things to consider

Given the complexity of cyber risks, it’s advisable to consult with a broker to ensure your business has the appropriate coverage. An online quote generator may not capture the full scope of your cyber insurance needs.

All cyber insurance policies are subject to underwriting criteria, terms, and conditions. Please contact our team for further details and to discuss your specific requirements.