Cyber insurance can help protect your business from losses that may occur as a result of a data breach, including customers impacted by the breach.
Cyber insurance can provide crucial support to your business in the event of a cyber attack. So, how does cyber insurance work and how much cyber insurance do you need?
Cyber insurance policies can vary widely in terms of what is covered, so it’s important to find the right policy for your business. Generally, cyber insurance will help to cover the costs associated with a data breach or cyber attack, such as forensic investigations, PR and crisis management, and legal fees.
The amount of coverage you need will depend on the size and scope of your business, but most businesses should have at least £1 million worth of cover.
Every business, it’s important to have cyber insurance in case of an incident, as the cost of recovering from a cyber-attack can be significant.
Cyber insurance can help businesses with the cost of data recovery after a cyber-attack or data breach. A data breach can occur when unauthorised individuals gain access to a company’s electronic data, often through a hack or malware infection. The cost of recovering from a data breach can be significant, and may include the costs of notifying affected customers, repairing or replacing damaged systems, and paying for credit monitoring services for affected individuals.
Cyber insurance can help businesses cover some of these costs, and can also provide coverage for other cyber-related risks, such as business interruption caused by a cyber-attack. To be eligible for coverage, businesses should ensure that they have a robust cybersecurity plan in place.
