What is Cyber Liability Insurance?
Cyber liability insurance UK covers the losses when you’re victim of a cybercrime such as a ransomware attack, phishing or a data breach.
As more and more companies manage their data and business online and as the threat of cyber crime is ever increasing, it’s more important than ever to protect your and your clients.
With the right cyber liability insurance in place, you can reduce your risk of attack, potentially minimise the damage of a breach and have the right cover in place to fund any potential losses.
Why do I need Cyber Liability Insurance?
No matter the size of your business, it’s likely you reply on information technology (IT) to some degree. This can include:
- Holding sensitive customer details such as name, addresses and banking information
- IT systems and websites that are used to manage / conduct your business
- Processing payment card information
The number of cyber attacks is becoming more frequent and costs businesses billions every year. Small businesses are also at risk of cyber crime, and a lot of the time you may not even know you’ve been attacked.
If your systems fail, are interrupted, or hacked, you will be exposed to the risks of business interruption, damage repair, income loss, and possibly reputational damage. By having the right cyber insurance policy in place, you can minimise the damage, claim on losses, and have peace of mind that you’re protected.