Why is cyber insurance important?
Cyber-attacks or data breaches can take many forms, from deliberate attacks to technology issues or simple negligence. As modern business is reliant on computer systems and networks, a breach of data or a shut-down of service can have a major impact on your business with many small businesses unable to operate afterwards.
Cyber Insurance can help in the event of a breach
Small businesses are particularly vulnerable to cyber-attacks of all kinds and it can be very costly. Aside from the cost of notifying your customers, you may also face costs for PR, credit monitoring, investigations response and compliance related activity, compensation for affected customers and engaging experts.
Most of these costs aren’t covered by normal business insurance, which is why it is important to speak to your insurance broker to make sure you are covered in case of a breach or attack.
Information provided by Know Risk.
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