What is Cyber Insurance?
Cyber insurance (also referred to as cyber risk or cyber liability insurance) is a form of cover designed to protect your business from threats in the digital age, such as data breaches or malicious cyber hacks on work computer systems.
A business is responsible for its own cyber security, but in the event of a cyber attack having the right insurance will mean you aren’t alone. Cyber liability cover will provide crucial support to help your business stay afloat.
What does Cyber Liability Insurance cover?
Cyber liability insurance can cover costs associated with data breaches and cyber attacks on your business. Those costs can include such things as lost income due to a cyber event, costs associated with notifying customers affected by a breach, costs for recovering compromised data, costs for repairing damaged computer systems and more.
How much does cyber insurance cost?
The cost of cyber insurance depends upon several factors, including the business’ annual revenue, the industry it functions within, the type of data held, and the level of network security. Certain sectors are more vulnerable to cybercrime and will therefore require a higher level of coverage.
For example, companies that hold a large number of personal records, such as in finance and healthcare, are at greater risk than a sector like catering, for example.
The best way to find out how much it would cost to cover your business is to get a cyber insurance quote.
Cyber Insurance: What’s Typically Not Covered
As with all insurance policies, there are exclusions that are important to understand. Cyber insurance policies generally do not cover:
- Potential future lost profits
- Loss of value due to theft of your intellectual property
- Betterment: the cost to improve internal technology systems, including any software or security upgrades after a cyber event
Want to Know More About Cyber Insurance?