What’s Cyber Insurance and Why Do We Need it?
A data breach can damage more than just your small-business computer system; it can also damage your reputation and put your customers and employees at risk.
That's why cyber insurance can be a smart precaution for any size business. Cyber insurance generally covers:
- The costs of investigating a cyber-attack
- The costs of repairing, restoring and replacing your website, networks and data
- The cost of cyber-extortion coverage from ransomware
- Your lost income if a cyber-attack stops you from trading
- Your legal fees involved in disclosing a breach to the ICO
- The costs of telling your customers
- Your legal fees and compensation costs if you’re sued for losing individuals’ private data
- The PR costs of managing your reputation and dealing with the fallout
Should You Purchase Cyber Security Insurance?
In today’s environment, the answer is YES! Organisations of all sizes and types increasingly rely on large amounts of their own or their customers’ data to effectively carry out operations and are tasked with ensuring the confidentiality, integrity, and availability of that data.
Some may even argue that good cyber security insurance is as important these days as your server cyber security: i.e. a strong firewall, virtual private network, and a secure web hosting service.
If you aren’t sure of your IT cyber security protection and fear that you could possibly suffer fatal financial losses in the event of a security breach, purchasing cyber security insurance certainly should be a serious consideration for your organisation.
For IT support or advice, please call Paradise Computing on 01604 655900 or send us a message using our online contact form.
