The modern internet is a dangerous place for businesses. Some businesses take cyber security very seriously and invest in layers of protection from the threats of cyber-criminals. Other businesses don’t take it quite so seriously and believe that the risk of a serious problem that will cause disruption is low. There are also businesses who simply believe that their business is too small to be a target for serious and disruptive cybercrime.
The most interesting thing is that all the above can benefit from a cyber liability insurance policy. Why? Because no matter how good the precautions, the risk is only ever reduced, not removed.
Cyber liability insurance is designed to protect businesses from the costs related to Internet-based risks and, more generally speaking, risks relating to IT activities and hardware. The policy covers your direct losses (e.g. the cost of repairing, replacing or restoring systems, data or websites following an attack) or the compensation you must pay to a third party (e.g. if you’re sued for the unauthorised collection of customers’ data).
So, do you need Cyber liability insurance? If your business has a website, uses email, has a high level of automation or stores customer data in electronic form then we’d say yes, you probably do. The costs relating to businesses when it comes to repairing damage to systems, or worse compensating data loss caused by cyber-attack can be significant.
So what next? soVision IT has partnered with Mark Richard Insurance to provide customers with Cyber Liability Insurance cover. To help decide on the correct policy, and to show where improvements can be made to network security, soVision IT will help you analyse your needs and make the right cover decisions to protect your operations from unnecessary risk.
The cyber risk exposure calculator will help you to understand your risk areas and can help with cover assessments. Begin by answering the questions below. Each response will be given a numerical value depending on the answer. After completing all of the questions, enter your email address and we'll send you your score which shows your organisation's level of cyber risk.