Cyber insurance is designed to protect your business against financial losses resulting from a range of cyber threats and exposures by helping cover business interruption losses caused by cyber events, cybercrime, and privacy breaches.
The value of cyber insurance to businesses is clearer than ever
Super high-tech advancements like AI are now accessible to everyone with an internet connection. This means the tactics and methods modern cybercriminals have at their disposal are becoming almost impossible for business like yours to detect.
“Only global businesses are targeted by cybercriminals”
Wrong - the success of cybercriminals relies on you having this mindset. It’s what makes you not see the need to invest in cyber insurance, that leaves leaving you even more vulnerable. The large-scale incidents are the ones we hear about on the news, but over 60% of UK businesses that suffer from cyber security attacks are actually SMEs.⁶
How much will cyber insurance cover cost your business?
In short, it depends on a number of factors, such as your business’ size or industry. However, cyber insurance has proven to be a very cost-effective way to transfer cyber risk; it can mean the difference between a quick recovery following a cyber event and a catastrophic or business-endangering loss.
Buying a cyber insurance policy doesn’t mean the work stops there
As your business evolves, so will its cyber coverage needs, and you don’t want to find out the hard way that your business is underinsured. By reviewing your cyber coverage and compliance obligations every year, you ensure your policy remains fit to fight your corner, should the worst happen.