Nowadays cyber-hacks, viruses and electronic identity theft are real risks that can occur at any time and they are on the increase - that is why Cyber Liability Insurance for your business is so important. It has never been more imperative to protect your company and your yourself against hackers, which is why a Cyber Security Insurance Provider like Anan Insurance Broker Company Limited can be so helpful to your company.
Nearly every company relies on the internet and computers for some or every aspect of the running of their business. Firms use computers for things like payroll, emails, data storage and office applications. With an increased reliance on the internet and technology in general comes a heightened risk of a security breach through those platforms and therefore an intensified need for a Cyber Security Liability Insurance policy.
What is Cyber Liability Insurance?
Cyber Liability Insurance from Anan Insurance Broker Company Limited can guard your business against any threats that could come from the internet such as hacks or viruses as well as reducing damage should you suffer a breach.
Most businesses, however large or small, use the internet in one way or another, through e-commerce and other means. Your valuable data and personal information could be at risk without Cyber Liability Cover, not to mention the financial repercussions that could arise from such an attack.
Cyber Security Insurance for small businesses can help you to recuperate the costs incurred should any of these instances occur. Cyber Liability Insurance can provide backing for things like business interruption cover and data recovery.
What can Cyber Liability Insurance cover?
- Virus damage – recuperate costs to rebuild your website and restore your lost data
- Hacking – recuperate all website repair costs
- ID theft – costs for fraudulent use of your identity online are covered
- Intellectual property – you may accidentally infringe IP and have to pay compensation
Use Cyber Liability Insurance to reduce threats to your business
While Cyber Security Insurance providers give you a policy to fall back on should you suffer a breach there are still actions you and your staff can take to reduce the risk of such an event happening. With hacking methods constantly changing and developing make sure your staff are trained to spot the latest threats to ensure you are not claiming a loss of data on your Cyber Liability Policy. Use data encryption to protect the data on a hard drive so that it can only be accessed with a decryption key rather than just a simple password.Protect hardware in your office by installing secure doors that require a scanning pass to access a particular room. This will reduce the risk of hacking due to the loss of a device or memory stick and reduces the risk of unwanted intruders and break-ins. While Cyber Security Insurance is necessary to protect your business in a worst-case scenario, you can take these steps to make sure you do not have to claim on your policy.
Cyber Security Insurance Statistics
According to Government statistics, in the past year more than 80% of large businesses in the UK suffered a cyber security breach with small business cases as high as 60%. This, if anything, should encourage more and more businesses to take the online threats to their firm very seriously. To do this the best course of action is to invest in a Cyber Security Insurance Policy with Anan Insurance Broker Company Limited.Never has it been more important for businesses to have an adequate level of Cyber Security insurance in place. For more information or to discuss your policy, speak to one of our experienced advisers.
What level of Cyber Security Insurance do I need?
The simplest way to assess the type or level of Cyber Liability Insurance that your business requires is to perform a risk assessment of your company. You should also perform an impact analysis to determine what kind of Cyber Security Cover you need. Carefully review your assets, such as the data belonging to your customers and your own accounts data and order them from high risk to low risk. You should also take the time to assess the areas of your business which are most vulnerable to a cyber security attack.
Do I need a Cyber Liability Insurance policy?
Even if you have the utmost confidence in your IT team and network security team, all it would take is one small mistake from them, such as not keeping anti-virus software up to date, to leave your business open to an attack or cyber security breach. A policy from a cyber security insurance providers like Anan Insurance Broker Company Limited would protect your company should this occur.
Without cover you would be open to things such as loss of data and damage to your site as well as having to pay out financial compensation should people lose things like intellectual property or sensitive data. Cyber Security Insurance covers you against these instances which would be extremely damaging to your business.
Is Cyber Security Insurance necessary for everyone?
The need for Cyber Security Insurance is getting bigger and bigger with estimates suggesting that cyber criminals are currently costing the global economy more than £250 billion with that figure set to increase within the next year. Even if you have never had a breach and feel confident that you never will, you still need cyber insurance cover.Businesses in every industry are slowly beginning to acknowledge the importance of Cyber Liability Insurance. How necessary Cyber Insurance becomes greater with each passing day as cyber-crime constantly develops as it searches for weaknesses in your business’ online presence. By continuously adapting their tactics, cyber criminals are giving themselves the best chance of a successful breach which is why it is so important to invest in Cyber Security Insurance from Anan Insurance Broker Company Limited. Cyber-crime is an expensive and difficult to detect threat to your company.