Does your business use the internet for transactions? Do you have a mobile phone? Do you store client or other sensitive information that is accessed by many users in your business? Do you run an e-commerce business? Do you operate a hybrid working arrangement?
If yes, Cyber Insurance is critical for your business. Given the recent track record and frequency, it could be argued that it is not a matter of ‘if’ a cyber-attack occurs, it is a case of ‘when’ it occurs. We know attackers are becoming more sophisticated, hence no matter the size of your business, what virus protection you have in place, you are still vulnerable to (cyber) attack.
Cyber policies help businesses pay for the financial loss and/ or costs incurred in the event of a cyber-attack, data breach or cyber fraud.
The policy can cover:
- Compliance with mandatory reporting requirements
- Customer notification costs & compensation liability for breach of confidential information
- Fines & Penalties
- Ransomware, including the payment of ransoms
- Business Interruption (loss of profits)
- Investigation Costs
- Remediation Costs
- Crisis Communication
- Social Engineering, Phishing & Cyber Fraud; and
- Legal Costs
Business this is recommended for:
All businesses.
Read our 4Sight Risk Partners feature article on ‘How much Cyber Security Insurance does my business need?
Business Leader’s ‘Cyber Security
Self-Assessment Tool’
Download our Business Leaders’ 25-Point Checklist to help you ask the right questions and understand your business’s cyber landscape, vulnerabilities, as well as assess whether your Cyber Risk insurance effectively protects your business.
