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Cyber Liability: With fines of up to £20 million for data breaches under the new GDPR legislation, now is the time to ensure your business is protected.
What is cyber liability insurance?
Cyber insurance protects your business from internet-based risks and risks relating to your information technology infrastructures. It can help you limit the damage caused by a successful attempt to hack into your business data.
Cyber liability policies can offer assistance with data recovery as well as providing business interruption cover which can help you to get you back on your feet in the event of a cyber-attack.
Policy features can include:
- Crisis Response
- Incident Management
- Restoration of Systems
- Awards, fines and Credit Monitoring
- Business Interruption
Do I need cyber liability insurance?
If your business handles sensitive customer data such as names, addresses, or banking information, or you are reliant on computer systems to conduct your business, you should be protecting your customer data as this could be compromised in the event of a security breach.
The introduction of the General Data Protection Regulation (GDPR) means a company can be fined up to £20 million or 4% of its turnover (whichever is the higher figure) for any breaches of regulations. It is therefore essential that businesses protect themselves against the financial implications that often follow the loss, theft or leaking of customers’ personal identifiable information (PII)
What types of security breaches can Cyber Liability policies cover?
- Data breaches following employee theft
- Data breaches following loss of USB storage device
- Business interruption- Loss of income due to the cyber attack of service attacks
- Data breaches following hacking
Covering your business
To give you a peace of mind, we can offer cyber insurance that is tailored to your business needs.
Contact us today for a free no obligation quote!