What Does Cyber Insurance Cover?
At Higos, we understand cyber threats come in all shapes and sizes and in a digitally driven age, data and computer networks make the world go round. So when things go wrong, having your business exposed to a cyber-attack can be catastrophic. If your business is reliant on computer systems, email or a website, having cyber insurance can help your business stay afloat from cyber threats such as data breaches and cyber hacks.
But what does cyber insurance cover? We’ve provided a list of some of the cyber risks we can help to cover for your business.
Phishing attacks are the most common cyber threat that cyber insurance will cover. Usually these attacks are seen through fraudulent scam emails, telephone calls or text messages appearing as reliable companies.
Most phishing attacks will use a link to download or ask for sensitive personal data such as your name, address or bank details. Scammers can then use your information to steal your identity and make online purchases. This can be catastrophic for your business.
2) Financial Loss By Data Breach
A data breach to your business could be costly. Should a hacker target your business, having cyber liability insurance can help to cover the costs of liability claims from a third party for failing to keep their personal data secure.
This form of commercial insurance cover can include:
- Forensic regulatory investigations
- Court costs
- Penalties incurred
- Infringing copyright or libel
- Legal advice
- Costs of repairing compromised or damaged computers.
3) Business Interruption
Should a hacker target your business, business interruption cover through a cyber insurance policy can provide compensation for the loss of income after a cyber breach impacts the business. It can also provide income loss if your business needs to close temporarily because of a cyber attack.
4) Cyber Extortion
Should a hacker obtain data via a cyber attack, they can then threaten a ransomware attack. This could expose or destroy the data they have obtained while they hold them for ransom.
Cyber extortion is typically done through a downloaded virus link that compromises your computer system or encrypts data. The hacker may then threaten to release the virus unless you pay money and meet their demands.
Having firewalls and antivirus software in place can help protect you from cyber extortion. Combine this with comprehensive cyber risk insurance to ensure your business is fully protected.
5) Crisis Containment
The stigma of a data breach can be very difficult to come back from, leading clients to lose faith in your business. In times of crisis such as when a difficult situation arises but not been dealt with effectively and has resulted in adverse publicity, without appropriate handling your business could suffer. Having crisis containment cover through a cyber insurance policy can help provide expert PR support before, during and after a crisis to minimise any reputational damage and protect your income.
6) Telephone Hacking
Telephone hacking can cover the costs of unauthorised telephone calls following an external breach of your computer network.
7) Hacker Damage
Should a hacker cause damage to your website programmes or electronic data, having a cyber insurance policy can help provide cover for the costs to repair, restore or replace websites and electronic data.
Why choose Higos for Cyber Insurance?
At Higos, we understand if your business is under attack, you need cyber insurance you can count on. We offer a personalised service and our insurance experts can advise you on commercial insurance to keep your business protected. Our experienced advisors receive up to date training to ensure they are abreast of the industry developments for Cyber Liability Insurance.
If the unexpected should happen, we have a friendly in-house claims team ready to provide a prompt and personal service.