In this video, I’ll be talking about what you need to know before you insure your business against cybercrime.
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.
Cybercrime insurance is something we are talking to clients on a daily basis. First, can your business survive without your digital systems? Welcome to cybercrime.
There are six key points when considering a cyber liability insurance policy.
One, cyber business interruption cover
Loss of income you incur following a cyber attack.
Two, privacy breach costs
A very important section covering two areas; first, costs you incur should your systems be breached. Two, privacy liability. Cost you may incur from claims from clients, three parties or regulators
Three, cyber extortion, known as ransomware
A hacker takes over your systems and holds you to ransom. First, the 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 hacker; relevant cover for online businesses or companies with automated systems.
Five, media liability
Protects you against your digital media bringing a potential claim against you; relevant to social media companies and companies with large digital traffic.
Six, cyber forensic support
24/7 specialist help should you have a hack or data breach; experts recommended by the insurer to quickly help you identify what has happened.
Self-help 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.