Cyber-crime is the fastest growing crime in the world, but most attacks are not covered by standard property or crime insurance policies.
Third party data is valuable, and you can be held liable if you lose it or it is stolen in a cyber-attack. Retailers face severe penalties if they lose credit card data. Customers who have had their data compromised expect openness and transparency from the businesses they entrusted with it. Cyber policies can provide cover for the costs associated with providing a breach notice even if it is not legally required.
Data is one of your most important assets, yet it is not covered by standard property insurance policies. A cyber policy can provide comprehensive cover for data restoration and rectification in the event of a loss no matter how it was caused and up to the full policy limits.
Systems are critical to operating your day to day business, but their downtime is not covered by standard business interruption insurance. Cyber insurance can provide cover for loss of profits associated with a systems outage from computer virus or denial of service attack.
The reputation is your businesses number one asset and if this is damaged due to a data breach your cyber insurance can cover costs to hire a PR firm to help restore this and for the loss of future sales should customers switch to a competitor because of the breach.
It is important to work with an Insurance Adviser to ensure the structure of this type of cover matches the needs of your business and both yourself and your insurance provider understand what is and is not covered.