Does my business need cyber insurance?

If you’re a business owner, you’ve most likely already considered insurance for the physical assets of your business. However, a very modern technology risk has emerged and is only likely to continue as we increasingly live and work online.

High profile cyber breaches have had a significant impact on businesses across the world so far in 2017. In May, for example, a strain of ransomware called ‘WannaCry’ attacked thousands of targets, and temporarily crippled the UK’s national health service. Appointments and operations were cancelled at the NHS was thrown into chaos.

Malware attacks aren’t the only form of cyber breach that can take place—data leaks also pose a significant threat. In February, an internet infrastructure company which worked for companies such as Fitbit and OKCupid suffered from random leakage of sensitive customer information.

If your business involves an online element—which in today’s world is true for nearly every business across the globe—then you should consider this insurance as an option.

What does cyber insurance cover?

Cyber insurance provides cover for your computer systems and data. For example, if a hacker holds your business to ransom, cyber insurance will cover this. Some insurers will also support you with forensic investigations, any necessary legal advice, and provide support to any customers who have been affected.

A cyber insurance policy can also protect you against loss of income in the event of an attack.

Customers might also claim for their personal data being breached in the event of a data leak; cyber insurance can provide cover for the associated costs.

How can I arrange cyber insurance cover?

At Enness, we want to make sure your entire business is looked after, from the physical space you work in, to your data and computer programs. As such,  we work with a network of insurers who are experienced in placing commercial risks, including cyber insurance.

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