Why is Cyber Liability Insurance becoming so important? Up to 95 % of all major cyber incidents and the associated financial losses that arise from them are the result of some form of human error. These normally arise due to an inadequate security culture within your business.
The focus of social engineering attacks is becoming more targeted and it is important to identify and address the underlying root cause: human behaviour.
Why is Cyber Liability Insurance becoming so important? Up to 95 % of all major cyber incidents and the associated financial losses that arise from them are the result of some form of human error. These normally arise due to an inadequate security culture within your business.
The focus of social engineering attacks is becoming more targeted and it is important to identify and address the underlying root cause: human behaviour.
It is important to make sure that you are insured on a comprehensive cyber liability insurance policy and the areas of cover to consider are :
Hardware – cover against loss, theft, damage, cyber events and breakdown to hardware
Data Corruption and Extra Cost – cover to restore computer systems to the position they were in prior to a cyber event.
Cyber Crime – cover for financial loss resulting from fraudulent input or change in data into insured computer systems leading to dishonest money and credit transactions.
Cyber Liability – cover to pay for damages and defence costs from claims made against the insured for failure to secure data, unintentional transmission of a virus and reputational damage from website, email or distributed content.
Data-Breach Expense – cover to pay for the costs of investigating a data breach and notifying customers, legal advice, public relations and crisis management expertise,
Cyber Event – loss of business income – cover for loss of income following a cyber event or prevention of access.
To discuss any aspect of your insurance requirements with us, please contact us and one of our dedicated Account Executives will be in touch to assist you further.
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R K Henshall & Co Ltd are Independent Intermediaries and are authorised and regulated by the Financial Conduct Authority. Registration Number: 308865. Directors: J.R. Henshall B.A.(Hons) ACII Cert CII (FS), A.J.Simpson ACII, A.Brown FCCA. Written quotations, policy terms, conditions and exclusions are available on request.
Company Secretary: A.Brown FCCA. Registered No. 01285024
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