7 Reasons to Consider Cyber Liability Insurance

Cyber is one of the most critical and sophisticated risks any business faces today. It is worth considering how a data breach, attack on your systems or server downtime can have broader implications including loss of reputation and regulatory penalties.

Below we have detailed 7 reasons why every organisation should consider taking out cyber insurance:

1. Cyber policy provides a comprehensive cover for data restoration and rectification in the event that data is damaged or lost.

2. Cyber crime in the form of a computer virus has the ability to disrupt day-to-day business. Cyber insurance can provide cover for these potential loss of profits.

3. Most cyber-attacks are not covered by standard property or crime insurance policies, even though Cybercrime is the fastest growing criminal act in the world.

4. You can be held liable for valuable third party data if lost. This can also be covered under a cyber insurance policy.

5. Similarly, online retailers can be faced with austere penalties should they lose credit card data, which also can be protected under cyber insurance.

6. With the extreme growth of social media, information is starkly exposed to the world. Cyber coverage can assist in recovering costs associated with a data breach should a portable device be lost, stolen or fall victim to a virus.

7. Cyber attacks are fast becoming one of the greatest risks faced by both large and small companies alike, making cyber insurance an absolute must.

For further explanation of the cyber coverage, please contact our Senior Broker Fabio Di Virgilio.

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