Cyber Insurance. It may just save your business!!!
In the current climate where Cyber-attacks come thick and fast, every business needs to be protected.
We often think of that protection coming in the form of Firewalls, Anti-virus, Backups & Disaster recovery and following security best practices.
Don’t get me wrong – all of these are paramount to protecting your business and staff. However, what happens when an attack is successful, and your business’s data is breached? Will your business be able to survive? Is there something else you can do to provide additional protection for your business?
The answer is yes.
Cyber Insurance / Cyber Liability Insurance may be exactly what you need to ensure that you are fully covered to help get through those really tough times.
To use an analogy, think of Cyber Insurance as the same kind of cover as Building & contents Insurance.
Every business does all they can to protect against fire and theft. We lock doors, put bars on windows, tag and test cables, use CCTV systems to help prevent break ins and fire.
But if your business does fall victim to a fire or theft you want to know that your insurance is sufficient to cover that loss and get you through without needing to close the doors for good.
This is exactly the same for Cyber Insurance. We use Anti-Virus, Firewalls, quality security practices and EDR to protect ourselves. Cyber Insurance is there for when it’s too late and we need help to cover the cost of the damage incurred from attack. It, like building & contents insurance may just save you from closing up shop.
So, what are the costs of a Cyber-attack, and what does Cyber Insurance cover?
Cyber Insurance is an extra layer of protection that business can leverage to get you through situations where you have fallen victim to Cyber-attacks.
Often after a cyber-attack there is a great deal of work needing to be done to:
- Investigate the extent of the attack.
- Assess what data was breached and to what extent.
- Determine how far data been leaked to the outside world and to what extent.
- Audit your systems and create a plan of action to future protect yourself.
- Negotiate with the attacker to get back any data required.
- Remediate any infected/compromised IT equipment.
- Plan how you will deal with any public relations issues & address your clients concerns.
Cyber Insurance will help to cover the cost of:
- Forensic investigations.
- Legal costs
- Public relations costs related to theft/loss of client information.
- Business interruption expenses (think costs involved if you are not able to operate properly because you have lost access to your data/systems)
- Blackmail & extortion costs.
- Data recovery costs of
- Crisis management costs.
Depending on the size and type of your business, Cyber insurance can cover from between $250,000 up to $20,000,000.
What type of business can benefit from Cyber Insurance?
Essentially any business that uses online systems such as Email, Cloud storage, sales platforms, CRM systems and IT systems to conduct day-to-day business (so pretty much all businesses).
Whether you are starting up a small business or operating a large company, Cyber Insurance is something that every business owner/manager needs to at the very least investigate and review the benefits for their situation.
Get in touch with the team at Runtime IT today. We can help protect your IT systems and also implement changes that can help reduce the premiums of Cyber Insurance.