Does you business have a website? Do you use your website or email to collect information from your clients? Do you electronically store records? Are your staff now work more from home?
With an ever increasing reliance on/convenience offered by online services and the move towards more staff working from home since Covid-19 the risk of a data breach to business is now greater than ever.
Cyber protection insurance is a relatively new insurance product and is designed to help protect your business from the financial costs associated with computer hacking and/or a data breach.
What can it cover?
The level of coverage can vary from insurer to insurer but a Cyber Protection policy can include cover for:-
- Your direct financial loss due to the interruption of your business, cyber extortion and the cost for recovery or replacing of your data records.
- A third parties losses as a result of your data breach including privacy and security liability for loss of another parties data which was held on your systems, the costs associated with a regulatory breach, copyright infringement and the legal costs for defending the claims.
- Other costs may also be covered including those associated with managing the crisis such as notifying affected clients/customers as well as ongoing monitoring of possible future losses due to the breach.
For more information about cyber protection insurance please download our information brochure or alternatively contact our office to discuss how this product can help to protect your business.