As technology becomes increasingly important for successful business operations, the value of a strong Cyber Liability Insurance policy will only continue to grow.
The continued rise in the amount of information stored and transferred electronically has resulted in a remarkable increase in the potential exposures facing businesses. Regulations, such as the Data Protection Act must also be considered, because a loss of sensitive personal information may subject you to fines and sanctions from the Information Commissioner.
In an age where a stolen laptop or hacked account can instantly compromise the personal data of thousands of customers, or an ill-advised post on a social media site can be read by hundreds in a matter of minutes, protecting yourself from cyber liabilities is just as important as some of the more traditional exposures businesses account for in their general commercial liability policies.
Why Cyber Insurance
A traditional commercial insurance policy is extremely unlikely to protect against most cyber exposures. Standard commercial policies are written to insure against injury or physical loss and will do little, if anything, to shield you from electronic damages and the associated costs they may incur. Exposures are vast, ranging from the content you put on your website to stored customer data. Awareness of the potential cyber exposures your company faces is essential to managing risk through proper cover.
Possible exposures covered by a typical cyber policy may include:
- 24/7 incident response
- IT Forensics
- Public Relations advice
- Legal advice
- Defence costs, fines & penalties (where legal)
- Loss of data: notification costs, identity & credit monitoring costs, civil liability, data restoration costs
- Cyber extortion
- Cyber business interruption
As reliance on technology continues to increase, new exposures continue to emerge. As your business grows, make sure your cyber liability cover grows with it. We are here to help you analyse your needs and make the right cover decisions to protect your operations from unnecessary risk.
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