The 21st Century Need For A Cyber Insurance Policy!

This blog will outline why a cyber crime insurance policy is fast becoming one of the most important cover on the market. Read our blog, and if you need any help, or would like a cyber insurance policy quote, get in contact below.

For over 30 years I worked within the Telecommunications and ICT Industry. I have seen how technology has developed and the rapid, exciting and phenomenal changes that have occurred since the onset of the Internet. The World Wide Web brings phenomenal opportunity.

The Cyber World is now an absolute reality. However, breaches in Cyber security is costing businesses billions of pounds each year, and is on the rise! The effects on your company (small or large) can be devastating. Theft, fraud and reputational harm can also be personally debilitating.

Our security is under attack.  Half of the Worlds 50 biggest bank websites have been hit by security incidents in the past 10 years. Our computers are under threat. Malicious software; hacking; Phishing; Pharming; Vishing; Ransom demands and many more attacks are all waiting to find a way in!

The challenge, therefore, is to utilise technology and allow a Cyber Insurance Policy to protect your risk.

Cyber Insurance Coverage Protects yourself, your employees and your customers

The General Data Protection Act( GDPR) effective from May 2018 imposes fines when businesses suffer data breaches or are found to be negligent around their security. My experience within the ICT industry came from helping customers with security technology. Anti-Virus software, firewalls, data encryption, secure cloud environments. Fantastic solutions.

However, having moved to work within the Insurance Industry, I now also realise the importance of insuring yourself against data breaches. There is an absolute need to look at a Cyber Insurance policy.

How are you covered if you have a breach? How would this impact you financially? How would your customers react? How would you continue to run your business? How would you trade, providing the fast, flexible, convenient service customers expect? Cyber Insurance coverage is designed to protect and support your business if your company experiences a data breach, or is subject to an attack by a malicious hacker.

How do I get a Cyber Insurance Policy?

Hence the right kind of Cyber Insurance Policy will cover the costs you may occur directly as a result of an incident. This can include ransomware payment cover; data breach costs; loss of income; reputation recovery; hacker damage costs, and claims for failing to keep customers personal data secure. Financial help when you really need it.

Select 1st Choice Insurance as your Commercial Insurance Broker. We will offer expert, specialised advice. We will be a trusted partner at the time when you really need help and support. Fast and efficient.

I really enjoy working within the Insurance Industry, as similar to my previous technology experience, I can see the real benefits that we offer our clients in the rapidly changing and developing world of risk and opportunity.

Get A Cyber Insurance Policy Quote

As an independent broker, we compare quotes from some of the largest insurance companies in the UK. We can, therefore, help you find the best cover to suit your needs. Click here, complete our short contact form and we will get to work on protecting your business.

1st Choice Insurance, Securing Your Future

Ken Baker, Training and Business Development Manager

Next Blog: Understanding Cyber Insurance: What Are The Dangers?