Do you know the different types of Cyber attack that could affect your business? e.g. DOS (denial-of-service), MITM (man-in-the-middle), Phishing, Whale-phishing, Spear-phishing, Drive-by, DNS spoofing, SQL injection?
Do you know that your IT support company will prefer you to have Cyber insurance?
Do you know what simple risk management steps you can take to avoid having to make a claim?
Do you know which security measures are useful and which are not?
Do you know how much information to disclose about your IT when seeking insurance?
Do you know how to spot if an email is from a genuine source?
Do you know that cyber criminals can infiltrate your IT system through your suppliers?
Do you know that Directors of a business are at risk in the event of a cyber or data breach?
If your answer to any of these questions is “No” then please call us for a chat
about Cyber Insurance.
Cyber insurance refers to a specialised type of insurance coverage designed to mitigate financial losses resulting from cyber incidents. As businesses and individuals become increasingly reliant on digital systems, cyber threats such as data breaches, ransomware attacks, and hacking incidents have surged in frequency and severity. Cyber insurance steps in to offer protection by providing financial support in the aftermath of these events.
Just as traditional insurance covers risks like property damage or liability, cyber insurance focuses on the unique risks of the digital realm. It typically includes coverage for expenses related to data breaches, such as legal fees, notification costs, and credit monitoring for affected parties. Moreover, it may extend to cover financial losses due to business interruption, cyber extortion, and data recovery expenses.
Cyber insurance policies are tailored to the specific needs and risk profiles of the insured, as the nature and scale of cyber threats can vary widely across industries and organizations. Premiums depend on factors like the company’s size, industry, security measures in place, and past incidents.
By transferring some of the financial risk associated with cyber incidents to an insurance provider, businesses and individuals can better manage the potentially catastrophic financial consequences of cyberattacks. Cyber insurance serves as a crucial component of a comprehensive cybersecurity strategy, working alongside preventive measures to create a more resilient defence against the evolving landscape of cyber threats.
Research carried out by Aviva in December 2023 found that businesses are 67% more likely to have experienced a cyber incident than a physical theft and almost five times as likely to have experienced a cyber attack as a fire, so every business and organisation must take this risk very seriously and insure against it.
Our expertise and business relationships make us your best partner for your insurance requirements.
You can rely on us to arrange your insurances, leaving you to focus on what matters to you.
We use our Loss Assessing experience to advise you on the most suitable policy, and to help you understand and navigate the insurance claims process.
Our tailor-made advice safeguards you against the worst that could happen.
We have since switched our insurance to Samson Insurance Services.
Thank you!
You can contact our expert brokers for a personalised insurance quote using the details below or alternatively fill in the form and arrange a time for us to call you.