Cyber insurance

Essential protection and recovery from a cyber attack

A cyber insurance policy is also known as cyber security or cyber liability insurance. It helps your business to recover losses and associated costs resulting from large-scale breaches, business interruption, ransomware and other types of cyberattacks.

Why do I need cyber insurance cover?

Whatever the size of your company, you probably depend on electronic systems to help run your business. It might be selling online, using office applications and email or in some cases, your whole business might be IT systems driven.

The myth that only big businesses suffer cyber-attacks is simply not true. In reality, businesses of all sizes are being targeted. Four in ten businesses (39%) and a quarter of charities (26%) report having cyber security breaches or attacks in the last 12 months.1 With the average cost of a cyber incident totalling £2,670.2 However, this cost becomes greater as the size of a business increases. So, no matter what size you are, it’s likely you’ll need a cyber insurance policy in place.

Some businesses believe that the data they hold isn’t worth stealing and that they’re unlikely to need protection. But, think what information you hold. Business details? Postal addresses? Named individuals and email addresses? Invoicing details? Supplier details? Employee data such as payroll and other HR records? 

The truth is that this data is gold to cyber criminals and could be used for fraudulent activity. It's also easy to think that the only risk you face is from hackers. In reality, human error – such as losing a laptop or a mobile loaded with client data and passwords can result in public exposure. This can be just as destructive to your business. You might think your IT technicians are ultimately accountable, but everyone in your business has a responsibility to protect your business’s core assets.

Fortunately, cyber insurance cover and data protection can ensure you’re covered for more than just incidents caused by external forces. Your customers, your data, and even your reputation can also be covered for a range of internal as well as external eventualities.

1. ^{gov.uk/cyber-security-breaches-survey-2021}
2. ^{statista.com/average-cost-of-cyber-security-breaches-for-united-kingdom-uk-businesses/}