5 Questions Answered about Cyber Insurance

Cyber Insurance is essential to any business that uses technology, but it can be quite a hassle to get your head around. Here are our answers to five frequently asked questions to help you understand Cyber Insurance…

1. What Does it Cover?

Cyber Insurance provides cover for expenses and liability that result from a cyber event or data breach. It can cover a range of costs that arise after a cyber event, including:

●     Legal fees

●     Expenses from recovering data

●     Investigation costs

●     Service interruption

●     Liability claims

 Paying a little for Cyber Insurance now can save you from significant expenses down the line in the event of a cyber attack.

 2. Why Should I Have it?

Any business that relies on technology for efficiency and interconnectivity should have Cyber Insurance. Whether that means you are storing your clients’ personal details, financial information, or just have a website, you could be vulnerable to a cyber breach.

Getting insured against cyber attacks can save you a lot of hassle and money should one occur. For more info on why it is so essential, read this blog on What is Cyber Insurance and Why Your Organisation Needs It.

3. How Can a Cyber Attack or Data Breach Affect My Business?

If you are the target of a cyber attack or data breach, there are a lot of detrimental repercussions for your business that you can be exposed to. Many attacks are random and target businesses of any size or industry. These can result in losses for your business or your clients, and can occur through:

●     Privacy breaches

●     Ransomware

●     Employee error

●     Social Engineering

As mentioned, the consequences of this can be costly for you and your clients and can have a devastating impact on your business… so don’t let yourself be caught out.

4. What Does it Cost?

As Cyber insurance is tailor made to fit the business, there isn’t a set price. There are numerous factors that influence the price of the product and these include:

●     Number of files stored

●     Annual turnover

●     Where you operate

●     Your IT risk management procedures

●     Prior claims

●     Number of staff

To find out how much Cyber Insurance is for your business, and to get the best deal, contact PowerBiz Solutions and we will refer you to a Cyber Insurance partner.

5. How do I Get Cyber Insurance?

Getting Cyber Insurance is simple. contact PowerBiz Solutions and we will refer you to one of our Cyber Insurance partners to figure out the best coverage for your business, at the best price, and get you covered quickly!