In this video, I’ll be talking about what you need to know before you insure your business against cyber crime.
We are members of the British Insurance Broker’s Association, known as BIBA, and also three of us in the office hold a Certificate in Insurance through the Chartered Insurance Institute.
Cyber insurance is something we are talking to clients on a daily basis these days. You have to ask yourself, ‘Can your business survive without your digital systems?’ as that could be the outcome if you are hit by a cyber attack.
There are six key points when considering a cyber insurance policy:
One, cyber business interruption cover
Loss of income you incur following an attack
Two, privacy breach costs
This is a very important section covering two areas; firstly, costs you incur should your systems be breached and secondly, privacy liability, the costs you may incur from claims from clients, third-parties or regulators
Three, cyber extortion (also known as ransomware)
A hacker takes over your systems and holds you to ransom. If you have cover in place, then your insurer will try and help get your systems back. If they can’t, they will consider paying the ransomware.
Four, hacker damage
Replacement costs for software and hardware made useless by the attack; relevant cover for online businesses or companies with automated systems.
Five, media liability
Protects you against your digital media being used against you/your business and resulting in a potential claim against you; relevant to social media companies and companies with large digital traffic such as marketing agencies or IT support firms
Six, cyber forensic support
24/7 specialist help should you have a hack or data breach. Experts recommended by your insurer will quickly help you identify what has happened and help you get back to normal.
Prevention is still the most important thing as the majority of hacks and data breaches are let in by users. Is your antivirus and firewall up to date? Are your passwords regularly changed? Are your employees fully trained in the correct procedures? Do you back up every day? A government incentive called Cyber Essentials? is a good place to start.
Call us, email us, or best still, pop in for a coffee. Love to be your insurance broker. Tell us what we need to do. Thank you for listening.