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Cyber Insurance: Real Protection from A Virtual Threat

The threat from online criminals is real and rising. According to The Department for Business, Innovation and Skills, 87% of small firms experienced a security breach in 2018 – up 10% on 2017 – at an average cost of £4,180. Is it any wonder then that more and more organisations are adding cyber insurance cover to their suite of protections? And isn’t it time you got protection for your business…?

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Cyber Insurance: Your Internet Safety Net

To protect your business from the threats and costs that can be associated with cyber-crime, you’ll want a comprehensive cyber insurance policy if worst comes to worst. Thankfully, Coversure can help you. With over 90 offices spread across the UK, an exceptional policy provided by a dedicated, professional and friendly team isn’t far away.

So, to find out how a cyber insurance policy can help you, contact your local Coversure office today.

What Can Cyber Insurance Cover?

Whether you have a large business with premises up and down the country, or a small independent firm, this policy can protect you against the daily threats that the modern era can bring. When you’re defending what matters to you against an invisible threat, it can be hard to mount a defence. That’s why we break down our cyber insurance policy into key features to highlight what the cover will be able to protect you against:

  • Cyber extortion – also known as a ransomware attack, a recent trend has seen hackers gain access to systems and deny the owners the ability to use it or access data until a ransom is paid to them. Thankfully cyber extortion can assist with this, helping with the associated costs of ransom payments
  • Data recovery services – if an attack causes you to lose or have data stolen from you, our cover provides data recovery services to you when you need them most. They will help you to regain data so you can get back to your day-to-day activities
  • Cyber business interruption – if an attack means you’re unable to conduct business for a while, cyber business interruption cover will be crucial to you. This policy will recompense you for loss of earnings and even loss caused by reputational damage if you are hit by a data-breach or attack. When your business is your main source of income, this cover can ensure it can continue to function in the wake of an attack
  • Hacker damage protection – this crucial feature will pay for repairs to any of your digital properties in the wake of an attack. So, if a hacker takes your website down or a database is breached, hacker damage protection will assist with the costs of getting your business back up and running as soon as possible
  • Consultancy fees – if you need to speak to an online security expert to get your business back in working order, then the policy will pay consulting fees so that you can speak to the appropriate parties and get the help you need
  • Legal cover – should the loss of your data result in a customer or member of the public sue you under the Data Protection Act, you could be looking at a costly legal battle. Legal cover will help with the costs of this
  • Contamination cover – if as a result of an attack, your system infects another and causes the attack to spread, you could be held liable. Contamination cover assists with the cost of legal battles or data recovery if your system infects another

What Type of Businesses Need Cyber Insurance?

Sadly, in this day and age the likelihood is that you could be under threat from the online criminals. All you need to do is store data electronically or use computer systems on a regular basis and you could become a target for hackers. Businesses that could take advantage of the policy include:

  • Online retailers
  • Manufacturers
  • Accountants
  • Lawyers
  • Office based businesses
  • Computer services

The list could go on and on, as cyber is a policy that most businesses will find themselves requiring as time goes on and technology gets more advanced.

How Can You Help Prevent Cyber-Attacks?

Cyber insurance is there as your safety net once an attack has already happened, though there are several simple things that can help to keep your organisation more secure from the threat of attacks. These include:

  • Installing computer updates – we understand they never seem to come at convenient times and can put your computer out of action for several minutes, but these updates happen for a reason. The Wanna Cry attack on the NHS was able to gain access to computers via an error in the system which Microsoft had already patched in an update, meaning the whole thing could have been avoided. Ensuring your computer is up-to-date is simple and easy to do, so stay on top of those updates.
  • Train your staff – the most common way that hackers gain access to systems or databases is through human error. Train your staff on the seriousness of cyber threats and best practise for them to avoid passing information on to a potential hacker. Your security is only as safe as your staff are, so this is a priority.
  • Take care with emails – a common way for hackers to access your system is through something known as phishing emails. These emails use a vanity from address, appearing to be from a company you use and trust, often requesting payment or sending an invoice. Ensure you check the actual from address before clicking any links in the email, the likelihood is it will be a random email address you don’t recognise and you’d be submitting information to a hacker.
  • Back up data to a secure and separate location – if you are subject to an attack targeting your system, the hackers could often name their price in order for you to regain your data for use again. Ensuring you have your data backed up to a secure and separate location means that if your database was wiped or you were unable to gain access via the usual means, your business would still be able to function.
  • Be smart with passwords – first of all, ensure all computers and laptops are password protected. In this day and age, we’re all guilty of allowing internet browsers or systems to remember our passwords for convenience. This can mean that sometimes all a hacker would need is your device and they’d have unrivalled access to your information. Secondly, ensure you use long, hard to guess passwords that contain special characters and capital letters.

Cyber insurance should be there to fall back on when you need it, so taking the appropriate steps to keep your systems as safe as possible will allow you to remain claim-free for as long as possible.

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Why Choose Coversure? Over 97% Customer Satisfaction Score

With over 90 offices across the UK, great value protection is never too far away. With Coversure you get an award-winning combination of high-quality covers, supplied by some of the UK's largest insurers, and dedicated customer service supplied by a local, independent broker. With privileged access to insurers such as Aviva, Covea, RSA, with Coversure you can get the best from the best at a competitive premium. Little wonder then that over 97%* of our customers are either very satisfied or satisfied with our service.

*Ratings based on Coversure's 2016 Customer Survey.

Like Some More Help?

Coversure's cybers have years of experience in providing great value cyber insurance. So why not get in touch with your local Coversure cyber today. They will be more than happy to assist you with finding the cover you need for an affordable premium.

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