Cyber Liability Insurance – are you covered?

If your business relies on technology to operate, it is essential to consider Cyber Liability Insurance. It acts as a safety net in the event of accidental or malicious data breaches or incidents. To determine whether cyber insurance is necessary for your organisation, consider if you use business software on computers, store personal information or employee/client email addresses on computers, process card or electronic payments, or operate a website or use cloud storage for data. 

The exposure of such information to unauthorised parties can be detrimental. Understanding the repercussions of a security breach is crucial for grasping its potential impact on your organisation. 

For instance, ransomware attacks can render systems inaccessible, while viruses or malware can compromise crucial data, resulting in financial losses due to downtime and the costs associated with response and recovery.

Typically, cyber insurance policies cover expenses directly linked to a security breach, including investigation, data recovery, hardware repairs, consumer and regulatory notifications, crisis management, and PR damage control, if necessary.

Companies seeking cyber insurance must, at a minimum, adhere to basic safety measures:

• Conduct security awareness training for all employees.
• Ensure all PCs have updated antivirus software.
• Protect the company network with a managed firewall solution.
• Regularly audit user accounts and information protection solutions.
• Employ central patch management for timely updates.
• Back up business data regularly using external media or secure cloud services.
• Utilise endpoint protection and intrusion detection systems.
• Conduct routine vulnerability scanning and penetration tests.

Prior to exploring cyber insurance options, it’s vital to fortify your organisation against potential attacks by implementing fundamental cybersecurity measures, such as those outlined in Cyber Essentials or Cyber Essentials Plus certification.

Adopting Cyber Essentials not only enhances your cyber security posture but also provides £25,000 of cyber insurance. Obtaining a Cyber Essentials certification can lead to reduced insurance premiums by showcasing your commitment to mitigating cyber risks.

Some insurers may even offer discounts for organisations that have implemented recognised cyber security standards like Cyber Essentials or Cyber Essentials Plus, signalling to stakeholders that adequate security measures are in place.

To find out more about Cyber Essentials and Cyber Essentials plus, click here. Or select the button below to talk to a member of our team.