Nearly every business is reliant upon technology and data but this makes us vulnerable. Traditional insurance might cover electronic equipment against fire, flood or theft, but it won’t cover what is really important if your systems are breached or data is lost.
Clearly prevention is important so we would encourage good cyber security, staff training and accreditations such as Cyber Essentials certification. But when things go wrong, as with other areas of your business, insurance should be there to minimise the costs and disruption. That is why cyber insurance is the fastest growing class of insurance.
A good cyber policy will cover the costs of both your own losses and third party losses that you may be held responsible for. It will also cover accidental incidents as well as deliberate breaches, be they caused by your own staff or outsiders.
Many policies can be extended to include a range of benefits such as:
A good cyber policy will do so much more than present you with a cheque in the event of an incident; it will provide a comprehensive crisis management service along the following lines:
- You experience a cyber or data incident
- You contact your cyber insurance company who launches its crisis management procedure
- Technical & forensic specialists are provided to pinpoint the problem, stop the problem and restore systems & data
- Legal experts are appointed to ensure you respond in a compliant manner and act for you in any legal or regulatory disputes
- Public Relations consultants act to minimise reputational damage and handle correspondence with your contacts, notifying them of the situation.
- Fines & penalties paid
- Defence costs & damages paid
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Why will a cyber insurance policy protect me?
Without cyber insurance you would be looking at hiring the equivalent specialists at costs in excess of £500 per hour each. That is before you even consider the length of time you could be out of action, the reputational harm and the other costs and damages you could face. And don’t think your business is not at risk – if you employ people and they use computers, email or websites then you are vulnerable.