Cyber insurance is the new kid on the block and not something you’d have had to concern yourself with 20 years ago. But times have changed and there are numerous threats that come with operating in the digital age.
Hacks, bugs and data breaches can all have a serious and debilitating effect on your business so it’s something you really need to understand.
Your business is responsible for its own cyber security, but having a cyber policy in place will mean you receive crucial support at the time you need it most and help your business continue to operate and even stay afloat.
Every company faces cyber risks and the larger you are the more areas of vulnerability there are. Last year, 3 out of 5 companies reported an attack. Put simply, if your company uses electronic data in any way, then yes you’ll benefit from having a policy in place.
It could be confidential data you hold on your customers, or information about your own business which is highly sensitive. If you’re subject to a cyber-attack and that data is vulnerable then the costs of recovery can rack up pretty quickly. This is where your insurance would kick in.
Hacking is effectively unauthorised access into your computer or your systems. Quite often the hacker has cracked your password and once in can then do as they please with your data.
Phishing is a cyber attack using email or text to masquerade as a trusted source or real person pretending to need something from you. A classic example would be a request pretending to be from your bank and asking you to download an attachment or click on a link. Phishing techniques are becoming more and more sophisticated. Nearly a third of all data breaches last year involved phishing attacks, so it’s certainly something you need to be aware of.
Malware, or malicious software, is designed to damage your computer system. You’re more likely to have heard frequently used terms such as ‘viruses’ or ‘worms’ that will often delete files from a hard drive without you realising it. This could be anything including customer information such as their bank details or credit card information.
Ransomware is a form of malware that blocks access to certain files, or even your computer in its entirety. It’s not unusual for a locked screen to appear asking you to pay in order to access your files again. Don’t pay it! There’s no guarantee that paying the fine will remove the ransomware and if those behind the attack had success getting money from you once there’s a good chance they’ll try again.
Cyber insurance will cover you where the attackers have financially profited from your business as well as covering data breaches where sensitive data has been shared without your knowledge or consent.
Each policy is tailored to the company in question to ensure you’re protected against fraud as an example.
There’s not one fixed cost I’m afraid. Your premium could vary hugely depending on the size of organisation and what you would like your policy to include.
The good news is the Installsure team can talk you through your options and help you to find a policy that works for you. Contact our Corporate team today.