If your business is affected by a cyber incident, there’s a strong possibility that it will be covered by the press. Your reputation will suffer with corporate clients, like banks, being particularly sensitive about their supplier’s IT security. Reputational harm can be far more expensive and detrimental to your business than more immediate forms of financial loss. Cyber insurance can not only help pay for the costs of hiring a PR firm but also for the loss of profits that arise as a direct result of customers switching to your competitors.
Understanding the cover and response services offered by cyber liability insurance can be difficult. Here we explain some of the benefits you can expect to receive from a comprehensive product. As concerns regarding cyber liability increase, professional indemnity insurers will increasingly expect their insureds to buy cyber liability insurance to protect their professional risk and to assist in militating against PI claims that may arise as a result of a cyber incident.
Cyber-attacks are widely recognised as one of the greatest risks faced by businesses and individuals. With premiums starting at just £300.00 we would encourage all firms that are serious about risk management to purchase a good quality cyber policy.