Cyber Security Insurance - What You Need To Know [extract]

Cyber Security Insurance - What You Need To Know

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During the height of the Covid-19 pandemic the number of cyber attacks increased by about 400%, according to the US Federal Bureau of Investigation (FBI). Prior to the pandemic, the FBI received approximately 1,000 daily complaints to its Internet Crime Complaint Center, but with the Covid-19 transition to a remote work environment, the FBI complaints have increased to 3,000 to 4,000 per day. The UK government says nearly half (46%) of UK businesses experienced a cyber attack or hacking security breach last year. 

Whatever type of business you have and no matter how big or small doesn’t matter either. Cyber criminals look at all types of business that they can exploit. Today, cyber criminals can cause major damage to a business in different ways. 

Standard general business insurance plans cannot cover all of these events and business owner are well advised to investigate taking out a cyber liability insurance policy and checking its cover carefully. The right policy will protect your business from cyber financial losses not covered by commercial liability plans or other insurance products.

Furthermore, it is not just about business losses. We are now seeing the victims of data breaches and other cyber crimes suffering regulatory penalties and third-party claims for damages, with consequent major fines and legal costs.

(Full article length: 2,380 words)

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