An introduction to cyber liability insurance
Loss of customer data, damage to reputation via social media, through to computer hacking, presents an increasing threat to businesses in today’s world. Cyber liability insurance can protect your company from the impact and costs of such an incident, and arranging your cover through a knowledgeable broker will give you the peace of mind you need.
Death and taxes is the old and well-known adage about life’s certainties. Nowadays, we could add the ever-increasing cyber threat to that list.
Data breaches are now a fact of life, and a very real problem for businesses of all sizes and industry sectors. Whilst there may not be a great deal you can do to prevent cyber crime happening in the first place, there are steps you can take to mitigate the impact and costs to your business if you are targeted.
Perhaps the most important weapon in the fight against cyber crime is cyber liability insurance. This type of cover is now an essential element in any business’ risk management toolkit. It offers much-needed protection against a wide range of cyber threats including:
- Loss of customer data
- Damage to business reputation via social media
- Computer hacking
- Computer systems failing
- Loss or damage to digital assets or software programmes
- Security or privacy breaches
Ignoring the cyber threat in this day and age could prove to be an expensive and painful mistake. Arranging your cover through a broker can be a wise move and can save a lot of time and effort trying to determine what level of cyber insurance is right for your business and the support you will receive as part of your cover. An insurance broker will have the expertise and knowledge to find the right insurance company with the right product for you.
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