Now, this can be at best, upsetting, and at worst, life-ruining, especially if you own a business that relies on confidentiality of data. We have all witnessed the downfall of breaches of data more than once over the last few months, and it is time you do the responsible thing and protect yourself from cyber attacks and hackers. For that, you can rely on cyber insurance.
What is cyber insurance?
Cyber insurance is a type of insurance coverage that offers you protection against precisely this kind of anonymous cyber thief. All the passwords and firewalls in the world won’t protect you from malicious third parties that want to do you harm or profit off your business.
Cyber insurance is there to act as a safety net for legal costs incurred after a data breach or hacking of your business’ systems. Whether you pursue legal action against the hacker, or you have claims made against you, for losing confidential client information, cyber insurance offers coverage that helps you afford the legal fees.
Who needs cyber insurance?
Perhaps you are reading this now, thinking you don’t need cyber insurance – after all, you don’t work for the government. But if your computer or online accounts contain any kind of valuable information, you are at risk.
Especially as a business dealing with client information, such as addresses, phone numbers, and especially credit card numbers, it is your duty and responsibility to keep them safe. When you fail to protect that information, you become liable for all the loss and damage incurred.
You can get first party insurance and third party insurance.
First party insurance provides coverage for:
- E-communication loss
- Business interruption
- E-vandalism loss
- Crisis expenses
- Privacy notification expenses
- E-theft loss
- E-threat loss
- Reward expenses
- Third party insurance provides coverage for:
- Content liability
- Conduit liability
- Defence costs
- Disclosure liability
- Impaired access liability
- Reputational liability
Cyber theft, hacking, and data breaches are serious crimes, and real loss and damage can be incurred because of them. As technology advances more and more, it becomes essential for businesses to protect themselves against this type of cyber attack. Your duty is to safeguard your company and your customers, and you can do that with cyber insurance.
Bluewell Insurance Brokers can help you with the exact type of coverage you need. With years of experience behind us, we know exactly what are the specific risks in your line of business and what kind of coverage would be appropriate.
If you want to receive a quote, or if you have any questions about cyber insurance, feel free to discuss them with us today. You can call us on 1300669664.