CYBER INSURANCE
With the increasing reliance on technology in business operations, cyber insurance has become a crucial aspect of protecting your company’s assets and reputation.
Cyber attacks are becoming more frequent and sophisticated, and a data breach can result in significant financial losses and damage to your business’s reputation.
In the United Kingdom, the Information Commissioner’s Office (ICO) sets out strict guidelines for companies to protect against cyber threats and failing to comply with these regulations can result in fines.
Obtaining cyber insurance can not only help you meet these regulations but also provide financial protection in case of a cyber-attack or data breach.
Aldium can source Cyber Insurance for most types of businesses, so please get in touch and speak with one of our experts.
WHAT DOES CYBER INSURANCE COVER?
Cyber insurance typically covers a wide range of risks associated with the use of technology in business operations. This can include coverage for:
DATA SECURITY BREACH
This can cover costs associated with a data breach, such as the cost of notifying affected individuals, credit monitoring services, IT forensic experts and public relations expenses.
CYBER CRIME
This can cover losses resulting from computer fraud, social engineering, and other cyber crimes.
BUSINESS INTERRUPTION
Ransomware and targeted extortion attacks are the main causes of business interruption losses, these types of cyber attacks are not only commonplace but can also be incredibly costly.
DATA BREACHES
If sensitive data is lost or stolen, businesses will need to notify affected individuals and regulators depending on their jurisdiction, in some cases provide follow up services like credit monitoring.
There is more types of cover which can be discussed with you, and each policy will be based on your needs. Check your full policy documents for all cover and exclusions.
WHY DO I NEED CYBER INSURANCE?
There are several reasons why your business may need cyber insurance:
Cyber attacks are becoming more frequent: The number of cyber attacks is increasing, and as technology becomes more advanced, so do the methods used by hackers to gain access to sensitive information.
The cost of a cyber attack can be significant: The cost of a cyber attack can be substantial, including expenses associated with restoring systems, notifying affected individuals, and credit monitoring services, as well as lost income and extra expenses if a cyber-attack or data breach causes your business to shut down or operate at a reduced capacity.
Reputational damage: A cyber attack or data breach can severely damage your business’s reputation. It is crucial to act quickly and effectively in order to minimize the damage and regain customer trust.
Compliance with regulations: Many countries have implemented laws and regulations to protect personal data, such as the General Data Protection Regulation (GDPR) in the EU and the Data Protection Act 2018 in the UK. Failure to comply with these regulations can result in hefty fines.
It helps to have experts on your side: Cyber insurance also allows you to have access to experts who can help you respond to a cyber attack, recover from it and prevent it from happening again.
In summary, cyber insurance is a crucial aspect of protecting your company’s assets and reputation. It can provide financial protection in case of a cyber-attack or data breach and help you comply with regulations and minimise reputational damage.
HOW MUCH DOES CYBER INSURANCE COST?
The cost of cyber insurance for businesses in the United Kingdom can vary depending on a number of factors such as the size of the business, the type of industry, the level of coverage, and the level of risk. Factors that can affect the cost include the number of employees, the type of data being stored, and the level of security measures already in place.
For small and medium-sized businesses, the cost of cyber insurance in the UK can range from a few hundred pounds to several thousand pounds annually. The cost for larger businesses with higher revenue and a greater number of employees can be higher, with some paying tens of thousands of pounds per year for coverage.
However, it’s worth noting that cost can vary widely depending on the policy and coverage, and it’s important to work with an insurance broker that understands the UK cyber insurance market and can help you find a policy that meets your specific needs at an affordable cost.
That is why you should get a quote through Aldium. We can assess your needs and then search the market for you to find the best policy that provides you with the best cover at an affordable price.
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