From large multi conglomerate corporations to local SME businesses, we are all at risk of cyber-attacks. When huge IT companies get hacked it’s front page news, however the same risks apply to SMEs. Thousands of companies are cyber attacked daily – and that’s why thousands of companies are being recommended cyber liability insurance.
The Hiscox Cyber Readiness Report 2021 reported cyber events have increased by half over the COVID pandemic and businesses with over 250 employees now devote on average 59% of their IT budget toward cyber security. Anyone who uses a computer at a business is at risk and is putting the business at risk.
The consequences of a cyber attack can include the loss of data, systems and networks, the theft of information, and be held as the responsible party of a data breach. To prevent cyber attacks, businesses rely on IT security systems. If these systems fail you will be vulnerable to business interruption, system repair costs as well as reputational damage.
Cyber liability insurance is necessary to protect your business in the event of a data breach. Specialist cyber insurance covers all aspects of cyber risks, and is recommended over the subsidiary insurance as existing cover such as business interruption insurance.
Here are the top seven things to know about Cyber Liability Insurance:
1. Cyber liability insurance cannot prevent an attack, and business owners are responsible for the security of their systems.
2. Cyber liability insurance will reduce business interruption. If you are attacked by a person who means your company harm, cyber insurance will help to get your system back up and running.
3. Cyber liability insurance will also cover the cost of damage to your systems and the cost of recovery.
4. Cyber liability insurance is a specific standalone policy. It is more detail than subsidiary cyber cover as part of existing package policies.
5. Cyber attacks can happen and will happen to any and every business. Cyber liability cover is recommended to all businesses.
6. Cyber insurance will cover the cost relating to damages and loss of information, it should include cover of legal costs and if your company is made liable.
7. The best option for businesses is to talk to a broker. There are lots of cyber liability insurers, but you deserve the experts who know where to look.
At Romero Insurance Brokers, we have the expertise and experience to get you the correct solution. Cyber liability insurance is imperative for all businesses, with the largest being most at risk, and Romero are ready to cater to your needs. We are a truly independent broker who truly understands what it takes to build a business, and secure IT solutions are one of those key building blocks.
Call us on 0113 281 8110 to discuss how our cyber liability insurance cover can help your business, or enquire about our insurance covers here.
