What is Cyber Liability Insurance?
Cyber Liability Insurance protects your business against potential computer-related (online) threats. These include data breaches which may result in the loss of sensitive information including your customers’ personal details, supplier information, employee records and confidential information about your business.
If your data is compromised because of a computer related crime such as a cyber-attack (hacking, malware, phishing) you are covered for the financial costs involved to get your business back up and running again. It also covers any compensation that may be payable to the people whose data was lost, along with associated legal costs.
Cyber Liability Insurance will provide protection for denial of service, which may occur with ransomware. It also helps you recover from computer virus damage, which may have resulted in a significant loss of data and other data breaches such as the loss, or employee theft, of a memory stick or laptop.
Cyber Liability insurance will assist with:
- Data recovery
- Business interruption
- Legal costs and potential compensation claims
- Meeting ransom demands
- Costs around informing clients of the breach
- Restoring equipment
Cyber Liability Insurance should be a key consideration for any business that holds data on a computer system, because even with anti-virus software in place, you can still be vulnerable to a breach. For more information on why this insurance may prove invaluable to your business and why you should include it in your risk management programme read our blog. We explain what the mains types of threat are and their sources, which can sometimes be a little closer to home than you think!
At Barnes Commercial, we work closely with our clients to gain an in-depth understanding of their business, so we can assess the potential risks being faced. This means that our recommended insurance programme will be unique to your business. If you should fall prey to a cyber related incident, you can be confident that your business will be protected.
Find out more about Cyber Liability Insurance and why you need it in our FAQs below.
Or to arrange an appointment to talk to us about how we can help you to develop a robust cyber security strategy for your business get in touch today!
Frequently Asked Questions
Why do I need Cyber Liability cover?
Most businesses store sensitive information such as client information, employee records and supplier details, on computer systems. Whilst you may take every precaution to make sure that your systems are secure and adhere to data protection laws, criminals are becoming ever more sophisticated and cyber-attacks on businesses are becoming increasingly common.
If your systems are compromised and data is stolen, simply wiped, or held to ransom, you need to know that you can deal with the issue as quickly and efficiently as possible.
Cyber liability Insurance is there to help you prepare for a cyber related data breach, to be able to respond quickly and recover effectively, limiting any damage, so you can continue to run your business with minimal disruption.
Setting up your internal data systems after a breach, will take time and money; it probably took years to gather the data that you rely on to run your business and if it’s compromised or deleted, you will need a robust plan in place to allow you to recover as fast as possible.
In addition, if your customers or suppliers information is compromised, they will require reassurance that you are not only doing all that you can to recover the data, but that you will be a safe and secure business to deal with in the future.
We arrange Cyber Liability Insurance for businesses and organisations including doctors’ surgeries, dental practices, veterinary surgeries, care and nursing homes, scientific researchers and biotechs, accountants, healthcare professionals and manufacturing organisations.
Talk to us about Cyber Liability Insurance today – call us on 01480 272727 or drop us an email at enquiries@barnesinsurancebroker.co.uk
Who should have Cyber Liability Insurance?
Cyber Liability Insurance is vital to any business that operates using computer systems and stores sensitive data on clients, suppliers, employees and its own business-related data.
Cyber cover is relatively inexpensive when compared to the damage, cost and inconvenience that a cyber related incident could cause.
You may be required to have a certain level of cover in place, indicated by an industry body, but the majority of businesses will benefit from having the peace of mind and security that Cyber Liability Insurance affords.
Should your website be taken down by an attack; you could lose sensitive customer information stored within it and lose access to potential customers, as you won’t be visible to those searching online to find your business. Building a new website, depending on its complexity, could be costly, but with a robust Cyber Liability Insurance policy in place, you can be confident that these expenses will be covered and you’ll be back on the web as soon as possible.
Get in touch today for expert advice on how to protect your business from cyber related risks.
Benefits of Cyber Liability Insurance
- Peace of mind for you and your business
- Allows you to get up and running again quickly
- Protection against financial loss in defending a claim
- Assists with data recovery
How much Cyber Liability Insurance cover do I need?
The level of cover that you require will depend on your industry sector. Some industry bodies are regulated and as such will have a minimum requirement. Additionally, your circumstances and the nature of your business will affect our recommendation for cover required.
We take a personal approach to insurance and get to know our clients, to fully understand their exposure to risk. This allows us to tailor our advice to your requirements so the Cyber Liability cover we present will be just what you need. Having the appropriate level of cover in place will provide you with freedom from worry, so you can get on with what you do best – running your business or practice.
How can I buy Cyber Liability Insurance?
That’s easy – you can arrange Cyber Liability Insurance without fuss, with us!
We are an independent commercial insurance broker, which means we are completely impartial, so you can be reassured that the cover we suggest will be just what you need for now and the future.
We will select a suitable insurance package from our A rated insurer partners, providing you with a market-leading policy from a trusted provider.
Cyber Liability Insurance may be just one of a number of insurances you require, so by speaking to an experienced member of our team, we can create a tailored insurance programme to incorporate them all. You can call us on 01480 272727 or send an email to us at enquiries@barnesinsurancebroker.co.uk
