• Cyber Insurance

As businesses increasingly rely on technology to operate successfully, the importance of robust Cyber Insurance is growing rapidly. With the vast amount of information now stored and transferred digitally, the potential risks businesses face are escalating.

In today’s world, where incidents like a stolen laptop or hacked account can immediately expose personal customer data, protecting your business from cyber liabilities is as crucial as safeguarding against more traditional risks covered in general commercial liability policies.

Regulations like the General Data Protection Regulation (GDPR) also play a key role, as any loss of sensitive data could result in significant fines and penalties from the Information Commissioner.

Why Do You Need Cyber-Liability Insurance?

Standard commercial insurance policies are typically designed to protect against physical damage or injury but fall short when it comes to defending your business from Cyber related threats and their associated costs.

Cyber exposures are broad, including everything from your stock management system  to the sensitive customer data you store. Recognising the potential cyber risks your business faces is essential for managing them through adequate coverage.

A cyber-liability insurance policy can cover various potential exposures, including:

  • Data Breaches
  • Ransom Ware & Extortion
  • Social Engineering & Identity Theft
  • System Failures & Business/Network Interruption
  • Third-Party System Damages

More Than Just an Insurance Policy

As technology continues to evolve, so do the risks associated with them and the opportunities for Threat actors to exploit them.

Traditional Cyber policies are just that, a static insurance policy that covers the consequence of an attack or breach, rather than providing proactive protection.

Many Cyber insurers are now able to provide pre-cover risk assessments of your digital exposure, while some also now provide ongoing scanning and threat detection to help avoid the need of ever having to claim.

The amount of cover your business needs will depend on your operations and the level of exposure you face. It’s vital to work with a broker who can assess your unique risks and tailor a policy that fits your business’s needs.

As your business grows, ensure your Cyber Insurance policy evolves with it. At Bullerwell, we have business insurance specialists who will help you assess your needs and make informed decisions to protect your business from unnecessary cyber risks.

Get in touch today to discuss your Cyber Insurance and ensure your business is protected from cyber criminals, breaches, and attacks.

 

LATEST NEWS