Every business is responsible for its own cyber security, so it is important that you have the necessary security systems in place. However, it is extremely difficult to protect your business from every potential attack and having cyber insurance in place will provide the cover you require.
This guide will take you through the benefits of cyber liability insurance and how to find the cheapest cyber insurance quotes.
Cyber risk insurance is designed to provide protection against cyber security attacks, such as cyber hacks and data breaches. If your business suffers a cyber security attack, most insurance policies will cover financial and reputational costs. This will usually extend to your business and third parties which are impacted by the cyber attack.
Cyber insurance will cover a variety of financial costs, including:
In the modern age of technology there are an increasing number of cyber security threats. This means a growing number of businesses are relying on cyber insurance coverage to provide the protection they require. If your business uses, stores or sends electronic data, it is likely you will need cyber insurance. Any data your business holds is vulnerable to data breaches and cyber attacks, with insurance providing the financial support you may require.
There are many types of cyber crimes which can impact even the most well-protected businesses. The most common types of cyber attacks which you need to be aware of are malware, ransomware and hacking.
Malware is a malicious type of software which installs itself into computer systems through phishing scams. By taking advantage of vulnerabilities in your software, the attacker is able to steal data held with the system. It is also possible for some malware to monitor your online activity.
Ransomware is another type of malware which attacks your computer system. The ransomware will gain access through weaknesses in the system and will encrypt data. The attacker behind the ransomware will then demand a ransom in exchange for the data. It is also possible that your computer system may be partially or completely hacked. It is likely that the attacker will be aiming to access important data or functions which your business relies upon.
While some insurance policies provide some protection against cyber crime, they are unlikely to provide the full cover you may require. For example, business interruption, commercial property and professional indemnity insurance will provide some elements of insurance. However, if you hold sensitive data, process payments or rely heavily on IT systems, it is likely you will require specific cyber insurance.
The majority of cyber crime issues arise from simple accidents, such as sending an email to the wrong person or losing your work laptop. It is important that your business takes a proactive approach to fighting cyber threats, rather than relying on insurance. Although cyber criminals use sophisticated techniques to gain access to your secure systems, there are techniques you can use to provide protection.
It is important that your staff are aware of cyber crime and how to protect their systems. They should know how to lock their computer screens, use passwords, two-factor authentication systems and send encrypted emails. Every employee should understand the importance of keeping their system and data safe.
It is important to install the latest most sophisticated software, as it will provide the best protection. Hackers are continuously looking for ways to breach your system and old systems will be the most vulnerable.
Maintain good backup systems of company files, important data and contacts. It can be helpful to use cloud storage, which will provide access when you are away from the office. It is also advisable to use an external hard drive which stores periodic backups offline.
There are many cyber insurance companies available, which provide a range of policies offering cyber liability coverage. The actual cyber liability insurance cost will depend on a variety of factors, such as:
If your business holds confidential data, it is likely your cyber attack insurance will be more expensive than low risk businesses. For example, if your business operates in the financial industry you will be at greater risk of an attack. Whether an attacker hacks into your system and steals your data or you accidentally expose confidential information, insurance will provide cover.
Holding adequate insurance will provide cover for any damage to your business and any other individuals which are affected.
We have partnered with leading cyber insurance providers to help your business find the best insurance at the lowest price.
We can help you find the cyber liability insurance coverage your business requires from the cheapest provider available.
Our panel of trusted insurance suppliers includes AXA, Aviva, NIG, Hiscox and more. These cyber insurance providers can offer cover for amounts specific to your business requirements; with the features you require.
To find the cheapest quote for your business, start by entering your details into our convenient online form.
All we need are a few key details such as the type of business you run, your turnover and the excess you are willing to pay. If your business does not fit the usual mould, we will still do our best to find you the insurance you require.
Simply give our dedicated insurance team a quick call and we will negotiate bespoke quotes for your business.
You will then be able to compare the available options to find the best cyber insurance for your business at the cheapest price.
If you decide to go ahead, we will help guide you through the process of obtaining your policy.
Whether you choose to pay the full premium or split the cost over monthly payments, the whole process is designed to be quick and simple.
If you are searching for cyber insurance small business coverage or cyber security insurance providers specialising in large corporations, we can help. To find out more about cyber insurance or any other form of business insurance, please contact our team today.
Whether you are searching for home business insurance or business insurance, we can help you find the best deal. To find out more about arranging the best price for general liability insurance for small businesses, please contact our team today.