Cyber security insurance is required now, more than ever. Cyber attacks and data breaches against UK businesses are increasing at an alarming rate and so the need for Cyber Security insurance is crucial in protecting individuals and companies. As technology becomes increasingly important for successful business operations, the value of a strong Cyber Security Insurance policy will only continue to grow. The escalating rise in the amount of information a business stores and transfers electronically on a daily basis has resulted in a huge increase of potential exposures facing UK 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. All trades are at risk – from the financial sector to the hospitality industry and taking online payments is only one of many potential exposures that businesses face. Data Breaches, Business/Network Interruption, Intellectual Property Infringement, Cyber Extortion and System Failure could obliterate your operations to the extent where recovery is impossible. Smaller Businesses are just as much at risk of a cyber-attack as the larger firms as SMEs may have less robust security in place and weak response plans. Hackers may often also use small businesses as a backdoor means of attacking larger organisations.
Cyber Security Insurance – It isn’t just a matter of IF a cyber-attack will happen to your business, but a matter of WHEN it will happen!
Crendon Insurers offers bespoke Cyber Security insurance packages that are specifically designed to address the risks that come with using modern technology – risks that other types of business liability insurance simply will not cover.
Typically, the Cyber Liability insurance policy will cover:
- Damages following security failure or breach of Data
- Ransom & Extortion
- Costs to engage specialist organisations to minimise any loss of reputation
- Data Protection fines and defence costs.
Specific insurance policies are available to cover these risks as they are not automatically insured under any standard Public Liability insurance policy. We will be pleased to discuss this area in more detail to see whether there is an exposure and if so, the options available to you through our annual 12 month Cyber Liability Insurance packages. Please note – we also offer insurance cover for businesses and manufacturers who are using Internet Of Things iOT Technology to connect products to devices and require further protection against cyber liability, for more information please read our Internet Of Things iOT Technology Insurance page.
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