WHAT IS CYBER INSURANCE?
In a business world where fast flowing data is becoming more pivotal, it’s no surprise that the risks of cyber-crime are increasing.
Cyber insurance is cover which can protect your business from digital risks and threats, including data security breaches, data theft, cyber hacks or malicious invasion of your data systems.
This insurance will cover the financial and reputational costs to your business if your data or computer systems are corrupted, damaged, stolen or lost.
WHY DO I NEED CYBER INSURANCE?
Cyber insurance (also known as cyber risk or cyber liability insurance) is an important consideration for your business. Your business should have its own robust data security and cyber security, but if you are unlucky enough to have a cyber-attack, having the right cyber cover in place will provide protection from the cost of business interruption.
The data in your business is valuable, it may belong to your business, or it may be related to your customers. So it’s important that you retain control of that data at all times. In the event of a cyber-crime incident, the right cover can help you with the cost of data recovery.
WHY USE A BROKER FOR CYBER INSURANCE?
A broker can help tailor your policy for cyber insurance, based on the sector in which you operate, the type of data you hold, and the levels of security to which you operate. There are some business sectors which are more vulnerable to cyber-crime, particularly those which control and manage large volumes of customer data.
At Andrew Bull Insurance Service, we are experts in supporting our customers with their cyber insurance needs. We take time to understand their business, the risks they face, and their requirements for cover.
Our access to a wide range of expert insurers means that we can obtain quality cover at a competitive price.