The Benefits Of Cyber Insurance For Businesses Approaching The GDPR
With many modern businesses heavily relying on technology to perform their daily operations, high levels of security are essential. No matter the size, location or nature of a business, they are always exposed to threats, one of which being cyber.
As well as disrupting business operations and threatening finances, a cyber attack may also tarnish a businesses reputation. With the introduction of the GDPR (General Data Protection Regulation) on 25th May 2018, data security will be more important than ever as the new law brings with it stricter penalties and large fines of up to €20 million (approx. £18 million).
To protect your business from a potential cyber-attack it's vital that you are covered with a robust cyber insurance policy. Cyberguru can tailor ploicies to meet your individual business needs and ensure that you are correctly covered.
Here's what you should look for in a robust cyber security policy:
· Business interruption loss – if a cyber-attack results in IT failure which disrupts your business operations, your policy may cover any loss of income caused by the attack. Additional costs to get your business up and running again may also be covered.
· Privacy breach costs – cyber policies will either have a single clause or be split into two; breach costs and privacy liability. A breach cost clause provides cover for costs that arise from dealing with a security breach, such as notifying customers. A privacy liability clause provides cover for privacy infringement claims and associated legal costs.
· Cyber-extortion – your policy may cover you if your business is infected by ransomware or other malicious software attempts to gain access to your operational and personal data.
· Digital asset replacement expenses – your policy may cover the cost of your digital assets being lost, corrupted or altered by cyber criminals.
· Media liability – your policy may cover you if a libel, slander, defamation or infringement of intellectual property rights claim is raised against your business.
· Forensic support – your policy may cover your business with 24/7 support from cyber specialists following a hack or breach.
· Reputational damage – your policy may recoup lost profits directly attributable to cyber-attacks.
· Management liability – your policy may cover the costs of defending senior members of your business management from cyber-attack fallout.