Is your business properly protected against a cyber attack?
At Insight Insurance we pride ourselves in offering best-in-class insurance solutions to our clients.
Cyber attacks are a real threat to many organisations who conduct business online. These attacks can have a truly detrimental impact on business, and that’s why we have put in place a competitive Insurance package that will protect you and your business in the event of a Cyber Attack.
What is Cyber Liability Insurance?
With the onset of the General Data Protection Regulations (GDPR) across the EU states from 25th May 2018, it is now the responsibility of all businesses, not only to ensure they are compliant, but a company must also advise within 72 hours, any breach of their system to the Data Protection Commission Officer. Failure to do so will result in a large fine for your company.
Cyber Liability Insurance is an insurance product arranged to protect the business and its individual users against Data Breaches and Cyber Attacks by paying for recovery expenses. When cyber criminals infiltrate a network, hold data storage or require sensitive data, the company they steal from can be held liable for the incident.
What does Cyber Liability Insurance cover?
- Loss or damage to digital assets such as data or software programmes
- Business interruption from network downtime
- Reputational damage arising from a breach of data that results in loss of intellectual property or customers.
- Theft of money or digital assets through theft of equipment or electronic theft.
- Security and privacy breaches, and the investigation, defence costs and civil damages associated with them.
Common misconceptions surrounding your Cyber Risks exposure:
- Only large retailers need this cover – WRONG. Businesses with fewer than 50 employees are the latest targets of Cyber thieves. Often, small businesses fail to have adequate protection making them an easy target. Companies with less than 75 employees endured 70% of the total attacks in recent years.
- Traditional liability insurance will cover the Cyber Liability risk – WRONG. Traditional liability insurance does not cover your business for Internet Exposure or Data Breach.
- If we have a breach, it is not that big an issue – WRONG. A Cyber breach can cost tens of thousands of Euros. The average notification cost per exposed record per person averages €300. With the onset of the GDPR regulations in May 2018. It is now the responsibility of every company to provide protection against Cyber risks.
- My company does not store credit card information, therefore I do not have any risk – WRONG. Confidential information is defined as any kind of personal information including addresses, email, Social Security numbers, family member information, bank information and more.
Key benefits of having a Cyber Liability Insurance policy include:-
- Full Retro-Active cover available as standard • No stand-alone policy limits
- No policy warranties
- Separate limit provided to cover breach notification costs. • Broad Cyber peril triggers • Data stored with Cloud Computing providers is covered.
Contact us today and we will provide you with expert advice tailored to your specific needs, and this will be supported by a very competitive insurance premium.
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Why you should talk to us first
- Tailored insurance solutions for your business
- We actively monitor insurers premium levels DAILY to ensure cost competitiveness for you
- Management of Insurances by highly trained and qualified personnel
- Complete access to proven insurance providers in Ireland, the UK and Europe.
- We are fully regulated by the Central Bank of Ireland