It is likely that, no matter what your business, you are reliant upon technology in some way or other. Whether you use it to store customer records, make online sales or issue electronic documentation, it is likely to be a vital part of your organisation. If that technology fails, your business could be exposed to a gap in productivity, damage to your reputation or even a fine.
With businesses increasingly likely to experience interruption to their business from a cyber-attack, it is more important than ever to make sure you are fully protected.
Proactive response and research costs
Data restoration
Reputational repair costs
Virus corruption and loss of data
Various third-party liability costs
Network or Business Interruption
The Alan Boswell Group Difference
In insurance terms, Cyber Insurance is a relatively new product, but we work with market leaders in this field to find the right cover. Working in conjunction with our insurance company partners we take the time to understand your business and your cyber risks and provide appropriate advice and guidance on protecting against this.
Most commercial insurance policies will exclude Cyber Insurance. If you handle customer data you should seriously consider obtaining Cyber liability as a standalone insurance.
FAQs
You can choose whether to take cyber insurance or not; it is not compulsory. However investing in security software will not make you impenetrable to cyber crime. It is always advisable to invest in quality Cyber Insurance to give you peace of mind. The financial losses incurred from a data breach could be catastrophic
Business insurance is a term used to describe a range of business liability products such as Public Liability and Professional Indemnity Insurance. None of these products cover cyber risks; you must have Cyber Liability Insurance if you want to be protected from cyber risks.
This will be determined by the size of the business and the level of business undertaken online. We’ll take the time to get to know your business needs and the risks you face and recommend insurance products to meet those needs. Your cyber liability will determine the level of Cyber Insurance recommended.
James has worked within insurance broking since 1999. He has worked for a variety of intermediaries, developing his skills, before joining Alan Boswell Group in…
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