Less than 3 in 10 businesses have a formal cyber security policy in place. As more and more businesses come to place primary importance on their IT infrastructure, not just within their day to day working lives, but as the beating heart of their business that can future proof their infrastructure also. So why is cyber insurance important, and what kinds of cyber insurance are available to best support your business?
What is cyber insurance?
In our digitally focused world, our cyber life is as important to business as our real one. In the same way you’d insure your business against potential threats or accidents, cyber insurance provides your infrastructure with another layer of rounded protection. In 2017, 74% of companies had over 1,000 stale sensitive files they couldn’t account for. As hacking techniques develop, your infrastructure and the protective layers surrounding it need to evolve to keep your files and folders free from prying eyes.
The statistics say it all – no matter how big or small your business is, growing hacking attempts make cyber insurance a must have when it comes to future proofing your company infrastructure.
Cyber Security Insurance
The ultimate layer of protection, cyber security insurance acts as a risk management tool that mitigates loss caused by cyber incidents or data breaches. Cyber insurance has developed over recent years due to the need for businesses to adopt their insurance policies in line with growing reliance on IT infrastructure. As cyber attacks become more malicious, harder to deal with and therefore more costly, cyber insurance has grown to cover all kinds of cyber security risks and issues. In 2018, 81% of large UK businesses suffered a cyber security breach – as reliance on online channels only grows, preparing for the worst by building a strong cyber insurance policy will ensure your business can navigate potential GDPR storms unharmed.
Cyber Liability Insurance
Simply put, cyber liability insurance helps your business stay on top of potential cyber threats, protecting your infrastructure from damage caused by hackers trying to infiltrate your infrastructure. If your business handles customer data, either on a regular basis or every once in a blue moon, this kind of cyber insurance will keep you covered if potential GDPR compliance issues come to affect your business. Cyber liability insurance keeps you covered in the case of a range of different security breaches, varying from the loss of a memory stick to employee theft. This wide range of support makes this type of cyber insurance for businesses who need a cover-all policy, protecting them from evolving cyber threats and malware.
Technology Errors and Omissions Insurance
Technology is now integral to almost every business’s daily operations; when your laptop, tablet or PC fails to work as speedily as you expect it to, your entire working day can go to pieces. This kind of cyber insurance helps cover the performance of your technology and professional services, making sure your technology does the job it is meant to. Investing in the most up to date, streamlined technology is a big step for many small businesses; making sure you’re covered in the case of this technology missing the mark makes sure your team can continue to keep looking forward. In this sense, technology errors and omissions insurance covers you in mistakes or incidents within your own business, rather than from the impact of outside players like cyber attackers.
Interested in the types of cyber insurance out there? Give us a call to see how we can bolster your business growth.