Cyber Insurance is the fastest growing new commercial insurance policy in the UK, with many businesses across the country buying this policy for the first time in the last few years.
As a minimum, most UK businesses now transact electronically, and probably use the Cloud for IT/CRM, therefore exposing valuable data to cyber crime.
The rise in cyber crime and general awareness of cyber criminal activity, and the potential huge impact on your business in the result of a successful attack, means that more and more companies large and small are investing in a cyber insurance policy.
A cyber-attack can be costly – the losses incurred from suffering one could mean that you’d have to go into debt to cover the cost of getting your business back up and running, or even shut your doors completely. Cyber Insurance mitigates risk by helping to pay the cost for your business to recover from an attack.
In a world where cyber threats are varied (and constantly changing), cyber insurance can help your organisation to get back on its feet, should something cyber-related go wrong. Managing cyber incidents (such as ransomware and data breaches, particularly important with client data) may require in-depth technical knowledge. As well as minimising business disruption and providing financial protection during an incident, cyber insurance may help with any legal and regulatory actions after an incident.
Probably the biggest factor of cyber insurance is business interruption, which could be lengthy if the cyber incident is particularly troublesome and complex.
The cost of cyber insurance varies depending on your business type, size, and the cyber risks it is exposed to.
Please do contact our Cyber Insurance experts at Hallsdale Insurance, who have a close partnership with Coalition, a leading cyber insurer – allowing us access to exceptional cyber insurance protection.