Does your business have an email account, webpage, online shopping platform, or social media pages? Do you hold your customers and other third parties’ financial and personal details on your network?
Most organisations do, and that leaves your business and contacts vulnerable to the growing menace of cybercrime. Last year, data breaches and cyber attacks cost UK businesses in excess of £3.2 million, so a cyber insurance policy that covers your needs is critical for your peace of mind.
Here at Stanmore Insurance Brokers, our team of experts can help.
How do cyber insurance brokers help businesses?
Cyber insurance brokers, like the experts at Stanmore Insurance, help businesses choose the right cyber insurance coverage by helping them navigate the complicated insurance market.
They use their connections with top insurance companies and expertise to help your business find exactly the coverage that fits your needs.
Risk assessment
A cyber insurance broker assesses which parts of your business use technology and explains how that connection creates risks for your company. Using that information, a good cyber insurance broker can recommend the most appropriate coverage for your needs.
Navigate industry changes
The changing risks presented by increasing levels of cybercrime are changing the cyber insurance landscape. Cyber insurance brokers keep their finger on the pulse of those changes to find you the best insurance deal for your business.
Resource provision
A good cyber insurance broker provides your business with guidance and resources to help you create an effective cyber security culture within your organisation and implement practices to keep cybercriminals out.
What types of businesses need to speak to a cyber insurance broker?
Any business with an online presence that handles sensitive client data needs to speak to a cyber insurance broker. The following organisations are often prime targets for cyber attacks:
- Technology companies: Businesses involved in software development, IT service provision, or any tech-related field.
- Financial institutions: Credit unions, banks and other financial organisations handle large volumes of sensitive financial data.
- Healthcare providers: Healthcare organisations store a vast amount of sensitive patient information, including medical records.
- Retailers: Companies in the retail sector that process customer payment information via online transactions.
- Manufacturers: Modern manufacturing processes are becoming more connected and automated, leading to an increased risk of cyberattacks and theft of valuable intellectual property.
- Professional services: Accounting firms, law firms and other professional service providers handle confidential client data.
- Education institutions: Colleges, universities and schools store vast amounts of sensitive data about students, staff and faculty.
- Small and Medium-sized Enterprises (SMEs): Although businesses of all sizes are vulnerable to cyber attacks, SMEs often lack the financial resources to recover from a significant data breach, making cyber insurance essential for their survival.
- Hospitality: Hotels, restaurants and other hospitality sector businesses process lots of personal and financial information.
Non-profit organisations: Nonprofit organisations and charities often handle sensitive data, including donor information, that hackers could target.
What kind of cyber insurance coverage do businesses need?
Cyber insurance coverage varies widely depending on the specific needs of your business, and our experienced advisors will guide you on this.
However, here are some common components of cyber insurance coverage you might consider for your business.
First-party coverage
Data breach response costs: Coverage for expenses related to notifying customers and third parties affected by a data breach, public relations efforts, credit monitoring services and legal fees associated with a data breach.
Business interruption: Protection against any financial impact resulting from a disruption of your normal business operations following a cyber attack.
Third-party coverage
Liability coverage: Protection against legal expenses and damages incurred from claims relating to cyber-attacks or data breaches, including legal action taken by customers, suppliers and other third parties.
Regulatory fines and penalties: Coverage for penalties and fines imposed by regulatory authorities for non-compliance with data protection laws.
Cyber extortion and ransomware coverage
Ransomware payments: Coverage for payments demanded by cybercriminals following a ransomware attack or hack.
Cyber extortion costs: Coverage for costs related to negotiations with extortionists and investigation following the incident.
Cybercrime coverage: Protection against financial losses incurred from fraudulent fund transfers and deception, such as impersonation of company employees and phishing.
Network security liability: Protection against financial claims arising from disclosure, use, or unauthorised access to personal information.
Media liability: Coverage against any claims related to libel, defamation or slander arising from online content.
System restoration: Protects your business against costs associated with restoring or repairing computer systems damaged by cybercriminals.
Risk assessment: Some cyber insurance policies offer to help your business assess cyber risks and mitigate risks before an attack or breach occurs.
Forensic investigation: Covers the cost of hiring forensic experts to investigate the cause and extent of a cyber incident.
Legal support: Provides assistance with legal matters, including defending your business against legal and regulatory action.
Cyber cover with Stanmore Insurance
Stanmore Insurance is based in Bolton, but we work with many businesses of different sizes in various sectors and locations across the Greater Manchester area and beyond.
Cyber insurance policies can be complex and confusing. Still, our team can provide you with the expert advice and guidance you need to choose the best cyber insurance coverage for your business.
Call us today for friendly advice and a free, no-obligation quotation.
