Cyber Liability Insurance
The world is the most connected it has ever been. Majority of businesses, whether that be a one man band or a global corporation, rely on their computer systems and the internet to keep trading. Whether that be via their mobiles, laptops or computer systems, they are a major necessity and a vital component in the running of a business.
Over the past few years Cyber Liability has rapidly grown but it’s still not widely considered a ‘worth while’ product by businesses. This could be due to businesses not being fully aware of the possible damage that could be caused should something happen to their computer systems, they think their existing anti-virus software is enough, they think their business is too small to be targeted or they simple think it just wouldn’t happen to them.
What would a Cyber policy cover?
A Cyber policy would cover the costs you incur due to a data breach or cyber attack. This could be costs incurred to restore lost data, damage payments to third parties, company financial loss, investigation & ransom costs and regulatory fines that you’re legally required to pay due to a data breach.
Cyber hacking is becoming common in today’s world. 99% of people have personal information stored on the World Wide Web and it can take a hacker a matter of seconds to attack a software, take the bank account details of a stored data file or send a fake email to a customer requesting funds from ‘your’ email. This could happen to any business and the effect on the customer alone could cost an awful lot to a business let alone their own costs to rectify the matter on top.
The law is becoming stricter and stricter in regards to storing & protecting customer data. Just like a Commercial Combined or a Liability policy, exposure or damage to the personal data kept needs protecting and that’s where a Cyber Liability policy would help.
