What cover does Cyber Insurance Provide?
Financial Protection: Cyber-attacks can result in a financial loss due to various reasons including business interruptions and legal liabilities. The policy can help provide funds associated with regulatory fines, compensation to affected people, data recovery, and legal expenses, reducing the financial strain on your business.
Data Breach Response: When a cyber incident occurs, businesses need to respond both quickly and effectively. Insurers often provide access to expert incident response teams and crisis management services, helping businesses tackle the aftermath of an attack easily and providing advice in relation to notifications to regulators such as the Information Commissioners Office (ICO).
Ransomware Attacks: Ransomware attacks are occurring more and more frequently. Cybercriminals encrypt a company's data and demand ransom for its release. The ransom payments can be covered, reducing the incentive to pay and potentially supporting alternative recovery methods.
Business Continuity: Coverage for business interruptions resulting from cyber incidents. This helps businesses recover lost income during downtime, ensuring continued operations and minimising financial losses.
Cyber Extortion and Social Engineering: The policy can protect against cyber extortion schemes and social engineering scams, where attackers manipulate employees into transferring funds or disclosing sensitive information or passwords.
Cybersecurity Improvement: Some insurance policies offer incentives or discounts for businesses that implement robust cybersecurity measures. This can encourage companies to enhance their security posture, ultimately reducing the likelihood of cyber incidents.