Cyber Insurance
Do you have Cyber Insurance?
Human error is the main cause of cyber attacks. Also, hackers are increasingly sophisticated. Therefore, if you don’t already have Cyber Insurance it would be prudent to consider getting cover as soon as possible. Any electronic data you use, send or store is vulnerable to cyber attacks and data breaches (which can be costly to deal with given GDPR requirements).
A good cyber insurance policy will protect your business financially. It can also provide experts to mitigate the negative impact of an attack and/or data breach.
For AIM Internet the policies provided by Insurance2day meet our requirements but there are many providers out there and it is important that you compare the cover offered carefully to ensure it meets your business needs.
Questions to ask when getting a Cyber Insurance quote
Does the policy cover:
- Recovering / Recreating / Reinstating Data following the alteration, corruption, destruction, deletion or damage to data due to a cyber attack?
- Cyber Extortion e.g. ransomware demands?
- Business Interruption e.g. your loss of revenue following a cyber attack?
- Dependent Business Interruption e.g. if a supplier suffers a cyber attack which impacts on your business?
- GDPR Notification Costs & Regulatory Defence in the event of a Data Breach (Digital & Paper)?
- PCI Fines, Expenses and Costs?
- Cyber Liability & Website Media Content Liability?
- Fraudulent Instruction / Funds Transfer Fraud / Telephone Fraud?
Does your policy also provide:
- Legal Services, Public Relations and Crisis Management Services i.e. to coordinate the expert forensic, legal, notification and credit monitoring services to satisfy all legal requirements and maintain customer confidence in the event of a cyber incident?
- A Criminal Rewards Fund (for information that leads to the arrest and conviction of any individual(s) committing or trying to commit any illegal act related to any coverage under your Policy)?
- Periphery covers such as Bricking (Computer Hardware Replacement), Reputational Harm and Voluntary Shutdown?