Data is a valuable asset. We’ve all read about high profile data security breaches or “cyber attacks” in recent times. But any company that stores client information and data or conducts business online can be vulnerable to a costly cyber attack.
The stolen laptop or misplaced USB key holding sensitive client information. The dreaded rogue employee that leaks customer data. The hackers that bring your website (and your business) to a standstill overnight. We live with these exposures on a daily basis. You can hope it never happens, but if you suffer a breach of sensitive data, or an interruption to your computer systems, the repercussions to your business and your reputation can be damaging and costly.
Your cyber insurance policy is designed to help you manage and control the impact of a breach to your business, cover both first party costs and third party costs and reduce loss of revenue by getting you back to business as soon as possible.
Here’s 5 Ways that Cyber Liability Insurance can Protect your Business.
1. Cover for cost of data leaks – reported data breaches increased by 50% in Ireland in 2014
2. Cover for business interruption – if your website is hacked, you can receive compensation for loss of revenue during downtime
3. Reimbursement to ensure fast repair and replacement – if a hacker damages your website, software programmes or other electronic data and devices.
4. Access to a team of experts – forensics, legal and public relations to minimise your loss and possible reputational damage
5. Liability protection – for accidental, inadvertent infringement of copyright or libel of a third party
Businesses today need to understand their exposure to cyber crime and what they need to do to protect their businesses/clients from a data breach. A cyber insurance policy can help you manage the impact of a breach to your business, cover first party/third party costs, and reduce loss of revenue by getting you back to business as soon as possible.
Crotty Insurance has a specialised Cyber Insurance Broking Division. We focus on implementing the right insurance program at the most competitive cost available and operate a full claims handling service.