Cyber insurance is an insurance that is put in place to cover a business’s liabilities for a data breach containing confidential information. This could include a client’s health records, card/bank details, driver license numbers or passwords.
With over 50% of small businesses experiencing them it is important n essential to have the insurance, especially those which depend on being online or carry personal information of customers in a digital form. Here are a few examples of some well-known UK companies that experienced a data breach between the years of 2016-2018.
British Airways – In the August of 2018 British Airways experienced an attack where customers typed in their credit card details and then a ‘malicious code’ on the British Airways website extracted those details and sent them to someone else. 380,000 customers all together were affected, and British Airways were fined £183 million. https://www.bbc.co.uk/news/technology-45446529
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