Cyber Liability Insurance can help your business recover from the effects of a cyber security breach.
Cyber Crime is a growing problem for all UK businesses. Whilst most of the headlines you see relate to large global companies, it is a real problem for businesses of all sizes worldwide. Cyber Liability Insurance can provide funds to help your business get back to normal if for example you are hacked, or have your customer data compromised.
What is Cyber Liability Insurance?
If your business should become a victim of cyber crime, Cyber Liability Insurance helps you get back to normal as quickly as possible. It covers the costs you incur as a result of damage to your systems, or loss of data from them. The exact cover depends on the specific insurer and policy, but among other things it can include the following:
- Forensic inspection of your systems to discover the cause of the incident and help tighten your cyber security
- Damages and legal costs if you are sued as a result of losing client data
- System damage caused by transmission of viruses and malware
Do you need Cyber Liability Insurance?
If you use IT to carry out your business – as almost all business do nowadays – there could be an element of risk of cyber crime. Generally speaking, the more you use IT and store data about your clients, the greater your risks. In recent years, national news has reported on cyber security breaches for large national and global companies, but businesses of all sizes are at risk. You may be particularly at risk if any or all of the following apply to your business:
- You hold “sensitive data” which relates to your customers’ health, ethnic origin or religious beliefs
- You trade partly, or completely online
- You accept online payments through BACS or card payment gateways
- You hold customer login and password details to manage access to your website
- You regularly share data with third parties such as your suppliers
You can find out more in our Free Guide to Cyber Crime which explains how big a risk Cyber Crime is for UK businesses, as well as how to help avoid an incident and what to do if you are affected.
Why should you deal with JMG Townends for Cyber Liability Insurance?
As part of the JM Glendinning Group – one of the UK’s Top 75 Insurance Brokers – we have strong relationships with insurers and can help you find competitive cover for your business. We’re very focused on emerging risks such as cyber crime and work closely with our clients to ensure that your insurance cover remains fit for purpose as your risks change over time.