Cyber Liability Insurance
It is estimated that if Cybercrime was a country, it would be the third largest population in the world behind the US and China.
While technology has helped regional businesses like ours and many of our clients to overcome the tyranny of distance, it has brought with it significant risk to our security, and as technology becomes more complex, so do the threats that businesses face. It is now quite common to invest in cyber liability insurance to manage and mitigate cybercrime cyber-attacks.
If your business stops when your technology stops, then you should consider cyber insurance.
What is cyber liability insurance?
Cyber liability insurance is a type of business insurance product, which insures businesses against both the legal costs and expenses (including compensation payments) related to cyber-attack incidents such as:
- Data breaches
- Theft or loss of client information
- Business interruption costs
- Forensic investigation
- Data recovery
- Fines and penalties
- Crisis management costs (to restore a business’ reputation after an attack or data breach)
- Legal costs from any ensuing civil action taken against a company
Many insurance companies offer cyber liability insurance, so we suggest speaking with your broker as a start. Usually, insurance companies will send you a questionnaire about your technology and the risk mitigation strategies you have in place, such as multi-factor authentication and remote access protections. You will usually require the input of an IT professional familiar with your network to provide this information; at Cloudwize, we are regularly engaged by our clients to assist them in this process.
One thing we have noticed over the past few years is that insurance companies have become far more concerned with network security. So, it really is beneficial for your business to stay up to date with key security trends and invest in cyber security technologies that meet their requirements and keep your premiums down.
Contact us today for more information on how we can assist you in protecting your business against cybercrime cyber-attacks.