Cyber Insurance – What is it and why do I need it?
Cyber Insurance
Cyber Insurance is a form of cover designed to protect a business from threats such as data breaches, cyber attacks or hacking to work computer systems.
This could include Malware, Ransomware or Hacking.
For the business (first party) effected, the cover will include the costs associated with investigating the cybercrime, recovering any lost data, restoration of computer systems, loss of income if the business needed to shutdown, reputation management, payment demands from the hackers, and any notification costs made to third parties.
Third party costs (relate to claims made against you) and will include damages and settlements and any legal costs you incur, as a result of claims made against you, following a GDPR breach.
The data may belong to your business, or is sensitive customer information, and could include things such as personal data or financial information.
Why do I need Cyber Insurance?
Cyber insurance will assist helping your company to stay afloat and any financial loss following a data breach. In addition, it can assist with recovery of data, if there has been a ransomware attack they may expose or destroy data which they have obtained and hold you to ransom. There could also be a loss of business reputation.
How do I help protect myself against Cyber Insurance?
Ensure you have firewalls and antivirus software in place, as well as training your staff on cyber risks and how to be vigilant.
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