Comparing a cyber loss and a fire loss

No one wants to have to claim on their insurance. All losses have a detrimental effect on individuals and businesses alike. They can affect business continuity, lead to loss of reputation and, at worst, imperil the very existence of companies.

With the rise in cyber-crime, there has been a rise in insurance claims. Cyber-crime is insidious, unseen and potentially multi layered and intricate. With other physical losses, such as fire, it is likely that you will have a good idea as to what to do in the event of a claim. 

Cyber can feel more complex due to it being a newer risk and its intangible nature. We have put together the instructive table below which outlines the how a cyber loss can be more similar to a more traditional fire loss than you might first think. 

While Cyber Insurance can’t stop hackers and cybercriminals, it can help you get back on your feet if you are a victim of cyber-crime, including recovering data, restoring systems and loss of income. With more businesses relying on digital channels and operating remotely during the pandemic, having Cyber Insurance has never been so important.