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What is Cyber insurance?
Cyber Insurance is there to cover your business in the event of a data breach which could involve sensitive customer information. This could be anywhere from personal details, religion, passwords, Personal Identifiable Information also known as (PII) and credit or debit card information.
Do you need Cyber insurance?
If your business involves holding onto sensitive data it is highly recommended to cover liabilities against certain risks such as damages from data breaches and certain copyright infringement. You can cover these liabilities which could cost your business thousands. Cyber insurance will cover both the liability to the third party as well as personal loss to your business. In 2019 3 in 10 business were subject to cyber security breaches or attacks, so even if you don’t see the signs it could very well be happening right now. Hackers and Cyber criminals will hide their footsteps very well.
What is Covered with Cyber Insurance?
At Try Compare we work with a number of insurance providers that can cover a wide area of cyber insurance. some are just some examples below of what would be covered.
- Compensation due to breach of data and loss of income
- Investigations into data recovery
- legal advice
- Repairs or replacements to equipment due to damages of a cyber attack
- Professional and customer liabilities incurred as a result of a cyber attack
How Much Cyber Insurance Do I Need?
Generally an insurance provider will base your cyber insurance cover on the impact of how much it would cost to repair your business after a cyber attack. We have a multi amount of liabilities that can be provided for you.
Does It Matter On The Size Of My Business?
It does not matter on the size of your business. Small to medium sized business’s can be targeted just as likely as a large corporate business. If you have data or personal information then a cyber criminal will do what they can to get this information.
Is Cyber Insurance A Legal Requirment?
Cyber Insurance is not a legal requirement currently. However it can provide cover for accidental breaches of GDPR and Personal Data. GDPR is enforced by UK Law and can reach fines of 4% of your business’s annual turnover or up to £17.5 million, which ever is greater.