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Cyber Insurance: Do You Need It?

Cyber insurance is a sub-category of general insurance that covers businesses and individuals against Internet-based liability and risks. Technology, social media and transactions over the Internet play key roles in how most individuals and organisations conduct business.

Those vehicles also serve as gateways to cyber attacks and crime. Whether launched by run-of-the-mill hackers, criminals, insiders or even nation states, cyber attacks are likely to occur and can cause moderate to severe losses for individuals and organisations large and small.

As part of a risk management plan, organisations routinely must decide which risks to avoid, accept, control or transfer. Transferring risk is where cyber insurance comes into play.
Cyber Liability (or Anti-Hacker) Insurance can mitigate your liability for risks, associated with the digital environment. Cyber-attacks can take place in the form of ransomware which encrypts (i.e. scrambles) all information on the computer, rendering it useless and causing business outages.
In order to decrypt (i.e. unscramble) the information, a ransom is usually extorted from the user.

Be mindful of the impact from the loss of cyber (or digital) corporate data, including information such as intellectual property and proprietary information – which in the hands of a competitor, can severely disadvantage your business.

The amount of personal & business related (digital) data that sits on the web, Information Technology (IT) systems and servers, is too much to comprehend.

Data in the wrong hands can have devastating ramifications and the absolute need for Cyber Liability insurance, is therefore fairly obvious.

But you should always research the various Cyber Liability Insurance options and the product options may be confusing…

In fact, the smartest thing to do is – get us to assist you with a quote.

Standard Cyber Liability Insurance products may cover the following:

• Multimedia liability, Data extortion, Security & privacy liability, Crisis management costs (including customer notification, support and credit monitoring), Technology, Legal consultation, Identity monitoring for victims of breach, Expert consultation – including IT risk management, and Digital forensic investigation.
• Theft of access codes from the premises, employees, or computer system.
• Hardware theft.
• Reimbursement for costs attached to repair of reputational risk.
• Insurable fines that must be paid to a regulator, government authority for breach of data protection laws.

Important considerations when buying Cyber Liability Insurance:

• Reduce your Cyber security attack risks through regular penetration testing.
• Get a good broker offering, professional advice and service.
• Get as many Cyber Liability Insurance quotations from reputable insurers through your insurance broker as possible.

Don’t be bamboozled by the wrong types of insurance. Contact us today on 044 382 0550 for professional advice on insurance that meets your needs.

* This article is provided for informational purposes only and should not be construed as legal or financial advice. 

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