5 Reasons Why You Need Cyber Insurance
1) Cyber Liability Insurance In A Digitally Driven Age
Over the past two years almost 40% of UK businesses have battled a cyber attack*.
Prior to Covid-19 however, cyber attacks were as little as 30%. With the clear impact Covid-19 is having businesses should look for protection with specialist cyber risk insurance. This includes businesses that hold sensitive personal data, emails, websites or are subject to a payment card industry services agreement (PCI).
Below, our Cyber Insurance experts have covered some of the more common cyber-attacks that businesses can face.
2) Phishing
Phishing attacks are the most common cyber threat that Cyber Insurance will cover. Usually these attacks are seen through fraudulent scam emails, telephone calls or text messages appearing as reliable companies.
Most phishing attacks will use a link to download or ask for sensitive personal data such as your name, address or bank details. Scammers can then use your information to steal your identity and make online purchases. This can be catastrophic for your business.
3) Financial Loss By Data Breach
These days, data and computer networks make the world go round. Still a data breach to your business could be costly. Should a hacker target your business, having Cyber Liability Insurance can help to cover the costs of liability claims from a third party for failing to keep their personal data secure.
This form of commercial insurance cover can include:
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Forensic regulatory investigations
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Court costs
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Penalties incurred
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Infringing copyright or libel
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Legal advice
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Costs of repairing compromised or damaged computers
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Business interruption for the loss of your businesses income.
4) Loss of Business Reputation
The stigma of a data breach can be very difficult to come back from, leading clients to lose faith in your business. Bespoke Cyber Insurance can cover crisis containment, with expert PR support to help minimise reputational damage.
5) Cyber Extortion
Should a hacker obtain data via a cyber attack, they can then threaten a ransomware attack. This could expose or destroy the data they have obtained while they hold them for ransom.
Cyber extortion is typically done through a downloaded virus link that compromises your computer system or encrypts data. The hacker may then threaten to release the virus unless you pay money and meet their demands.
Having firewalls and antivirus software in place can help protect you from cyber extortion. Combine this with comprehensive cyber risk insurance to ensure your business is fully protected.
Why choose Higos for Cyber Insurance?
At Higos, we offer a personalised service. Our experienced advisors receive up to date training to ensure they are abreast of the industry developments for Cyber Liability Insurance. As a cyber insurance broker, our experts can advise you on the best commercial insurance to keep your business protected.
If you’re interested in speaking to a chartered insurance broker to help protect your business from cyber attacks get in contact with us at Higos.
Alternatively fill out our online request a call-back form and a member from our specialist Cyber Insurance team will call you back. For Cyber Insurance, it has to be Higos.
*GOV.uk - Cyber Security Breaches Survey 2021 - GOV.UK (www.gov.uk)