What is cyber insurance?
A cyber insurance policy is recommended if you rely on data, systems and online services to run your business. This cover helps you respond to and recover quickly from a cyber incident, including the cost of getting back up and running, as well as providing cover for lost earnings with some insurers. As more of our day-to-day work now depends on technology, this cover has become a core part of protecting a business.
What does cyber insurance cover?
- Cyber-attacks and hacking
- Ransomware and extortion
- Data breaches
- Business interruption following an incident
- Recovery and restoration costs
- Legal and notification costs
Who needs cyber insurance?
If your business holds customer data, takes payments online or relies on computer systems, it’s exposed to cyber risk and you should consider cyber insurance. Small businesses are targeted just as often as large ones, and often have less protection in place. If your business would struggle to operate after an attack or a data breach, cyber insurance is worth having.
How much does cyber insurance cost?
The cost of cyber insurance depends on the size of your business, your turnover, the data you hold and the level of cover you need. Some industries like finance and healthcare will need a higher cover due to handling large amounts of sensitive data, meaning they’re higher risk of attacks and data breaches. We compare the market to find cover that matches your risk and your budget.
Speak to our team to arrange a cyber insurance quote for your business.