Why do you need cyber insurance?
In a world so heavily reliant on data and information systems, cyber risks are a fact of life. Almost every business depends on computer systems in some way, whether it’s customer or supplier data storage, office applications, payroll or email on mobile devices, computers, servers or on websites. As our reliance on technology increases, so too do the associated risks.
While the risks remain the same, often the vulnerability to those risks differs depending on the size of the business.
Risk Management Support
At Marsh Commercial, we also offer risk management advice to help mitigate the day-to-day risks you face in your professions, whilst our dedicated in-house claims team will guide you through the claims process step by step, helping to get the right resolution.
What can cyber insurance do for you?
Designed for professional firms, our cyber insurance will support you in managing and controlling the impact of a cyber breach, helping you to get back to business as usual as quickly as possible.
In the event of a data or system breach, the costs associated with fines, ransom payments or notifications can be damaging to your business, both in financial and reputational terms. Your reputation is one of your most significant assets, so it’s worth protecting.
Our cyber insurance provides cover for:
- Costs relating to breach responses.
- Costs to respond to a privacy regulator investigation and fines.
- Costs to respond to a cyber extortion event.
- Loss of net income as a result of a network interruption.
- Payment card industry fines and expenses.
- Loss of the insured’s money (sub-limited).
What are the risks?
Businesses face a range of cyber risks, including but not limited to:
- Rogue employees stealing hardware or data to gain competitive advantage, sell on to criminals or for extortion.
- Negligent employees sending incorrect data, losing hardware or falling victim to phishing attacks.
- Hackers and malware.
- Poor IT controls.
- Data breaches as a result of outside providers with inadequate security.
- Backdoor intrusion into the business through employees’ social networking accounts.
- Employees accessing company data through their own smartphones or tablets, this is often referred to as Bring Your Our Device (BYOD) working.