Why you need cyber crime insurance
These fast evolving and often not fully understood risks are faced by all companies whose business operates with the uses of an IT system, holds personal or confidential data, irrespective of its size and the industry it operates in. As soon as a cyber incident occurs, which can be simply due to an inadvertent click of a button by an employee, the company can be exposed both financially and in reputation. Check out our top 10 cyber security tips to see how your business measures up.
A cyber policy can respond providing not only the financial resource, but also valuable knowledge and expertise to avert and mitigate the losses to the company.
A cyber insurance policy is multi-faceted in that it can;
- provide immediate access to IT forensic expertise, legal advice and public relations services following a cyber incident.
- indemnify the business in respect to claims by third parties including regulators, arising from privacy or network breaches and intellectual property infringements. This can include defence and investigation costs and awards and damages.
- in respect to the business’ own losses, the policy can cover costs incurred in notifying third parties of data breaches, reimburse costs incurred to recover data lost and restore computer system, losses arising from extortion incidences (i.e. ransomware), theft of funds arising from cybercrime (i.e. social engineering) and loss of revenue to the business and its increased costs incurred whilst the IT system is not operational, as well as losses arising from reputational damage.
At Islands, we understand the importance of technology and data to a company’s continued growth and development and with this, the risks that a company is exposed to that a traditional insurance programme is not designed to cover. We can provide a tailored cyber crime insurance policy that addresses these risks, protecting the company both financially and in reputation, should the worst happen. Still unsure about whether you need cyber crime insurance? Our article ‘do I need cyber crime insurance?’ can help you be sure.
Covers & benefits provided
Our cyber crime protection policy is extensive and designed with Channel Islanders in mind.
Why choose Islands?
Our locally-based team is dedicated to providing specialist, personal service, to give you peace of mind with insurance cover for the things that matter.