Cyber Insurance

These days, there are very few businesses that don’t rely on technology and networking to help run things. While the internet has revolutionised the way in which we work, it’s also opened us up to new threats and risks that can seriously impact a business.

Cyber insurance, also known as cyber liability insurance, aims to protect your business from cybercrime, data breaches, phishing attacks and more. The bigger your company becomes, the harder it is to prevent things like this from happening, especially when you have multiple employees with access to the internet.

What is Cyber Insurance?

If you’re a victim of cyber crime, cyber insurance will assist you when it comes to taking control of the situation and dealing with the fallout. If your business uses technology in any form, then you most likely need cyber insurance.

Examples of scenarios where cyber insurance can assist include, Stolen identities, Lost data, Disgruntled employee selling trade secrets, Data breaches, Phishing attacks, Social engineering.

Thorough in-house training can help protect against these risks, however accidents can and will happen. Even the most tech-savvy employees can fall victim to a phishing attack during a lapse in concentration. It can even be as simple as someone finding a USB stick in the car park, and plugging it into a business PC to see what’s on it.

What Types of Claims Am I Covered For?

If you have a cyber insurance policy in place, it can help you cover the costs associated with any of the above, for example:

  • IT forensic costs, to determine the damage caused
  • Notification costs, to get in touch with all clients or businesses impacted
  • Crisis management costs, to help protect your reputation and public relations
  • Cyber extortion costs, if someone malicious is requesting money from you

 

Outside of this, most cyber insurance providers have dedicated incident response teams that can support your internal IT resource. They can often help you correct vulnerabilities, identify data that has been compromised and notify all affected businesses.

How Dead Simple Insurance Can Help

At Dead Simple Insurance, we know what policies you need to protect your employees, yourself and most importantly: your business. We can help you find the best prices from reputable providers, taking the hassle out of insurance.