Cyber Insurance is a policy you may require to protect your company in the event of a cyber attack. Firstly, this could be malware that infects your computer that could prevent you working. Secondly, theft of data which could include the loss of customers details. The risks of a cyber attack can be drastic for companies. Therefore, this is a policy that you may wish to consider. Furthermore, this could save your business money.
Your company may conduct a lot of work on computers. This work could include relying on a computer software for your daily work. In addition, you may use a CMS or portal for clients. In essence, allowing your clients to login and have access their details. Alternatively, a website could provide your main source of advertisement.
A cyber policy helps to cover your business against these risks. In other words, protecting you in all areas relating to cyber security.
This type of insurance can cover a business for cyber costs. For example, this could be cyber security, technical fixes or future measures to prevent more attacks. Generally a cyber policy could include:
Business Disruption – If your business suffers a cyber attack. As a result, you are unable to work. This policy will could compensate you for loss of earnings.
IT Services – After a cyber attack, you may require IT help to restore your data. This could be costly, in addition to loss of earnings. Undoubtedly, a cyber policy could be useful to you in such a scenario.
Relations – With a cyber attack, you may suffer damage to your reputation. With this type of policy you may be able to claim PR costs to help restore your image.
System Failure – If your business computer system fails due to other issues. For instance, a power cut or overheating. This type of policy could help with the cost of repairs.
The risk to other business’