These days even the smallest businesses need to be online and engaged with the digital world to operate. While this new age has opened up fresh opportunities for businesses worldwide, it’s also brought with it significant risks.
Phelan Caswell Insurances work closely with insurers locally and in the UK markets, giving us access to a wide range of comprehensive policies suited for any business needs at competitive premiums.
A cyber liability insurance policy can help protect businesses from claims and support their profitability in the event of a cyber-breach or attack. It’s common for most businesses to hold customer data, whether it be emails, addresses, financial details, or other personal information. All of this is valuable to hackers who can sell or use this information for fraudulent purposes.
Cyber liability insurance is a type of business insurance product, which protects your business against both the legal costs and expenses (including compensation payments) related to cybercrime incidents. Your coverage may generally include cover for expenses and legal costs relating to the following*:
- Data breaches
- Theft or loss of client information
- Business interruption costs
- Forensic investigation
- Data recovery
- Fines and penalties
- Crisis management costs (to restore your businesses reputation after an attack or data breach)
- Legal costs from any ensuing civil action taken against you or your company
Businesses can be severely disrupted by a range of different attacks on your business, some of these threats are as follows:
Ransomware – Such malware can encrypt the targeted data making your data unavailable to you. The hacker then proceeds to extort you and expects you to pay a ransom to receive the unlock code.
Phishing – The attackers usually pose trustworthy contacts such as a bank or online service and attempt to access sensitive information from a targeted individual or organisation.
Hacking – This threat involves accessing the target individual’s IT systems or firm from outside to get sensitive information from their system databases.