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What types of businesses need Cyber Insurance?
In today’s digital age, the threat of cybercrime is expanding, making Cyber Insurance a crucial consideration for businesses. This insurance covers the business for financial losses resulting from cyber-attacks or cyber-crime, as well as legal liability due to loss of customers personal data or confidential business data, along with investigations or fines from regulators.
Traditionally, businesses with a heavy reliance on technology, like IT companies, universities, medical centres and e-commerce platforms, were prime candidates, as they held substantial amounts of sensitive data, making them prime targets for blackmail and extortion.
However, the paradigm has shifted. With the increasing digitalisation of businesses, any business can be a target. Cyber-criminals are targeting small businesses especially, as they are easy targets. Whether you’re a builder, physio, florist or manufacturer, your anti-virus software and firewalls can be out of date and other security measures may not be defence enough against a cyber-criminal.
Ultimately, in the current digital environment, any business that collects, handles, or stores data – whether a multinational corporation or a small local shop – should consider the protection offered by cyber insurance.
Although data may be backed-up in the cloud, IT systems can be made to lock out users until a ransom is paid or money can be stolen (social engineering claims).
Investing in this cover is an easy way to safeguard you and your customers against potentially devastating financial costs and cyber-related legal liability.
Contact your adviser today to make sure your business is covered against Cyber-Crime.