Cyber security insurance is a form of insurance that protects your business from technological threats such as data breaches, ransomware and cyber-attacks on your IT systems. As technology advances, companies require new forms of insurance that will protect them from these new digital threats that can create large liabilities. Cyber insurance provides coverage for an organisation’s exposure to network risk which includes privacy liability, regulatory fines and business/network interruption.
Techinsure.ie have access to a number of insurers who offer a comprehensive cyber crime extension to its cyber and data insurance policy, covering both cyber-dependent, cyber-enabled crime and social engineering derived losses.
These types of crime can only be carried out via a computer, examples include:
1) someone hacking into a system to steal funds or place fictitious orders for physical goods
2) keylogger malware used to capture online banking credentials with funds subsequently transferred
3) compromised telephone systems used to make calls to premium rate numbers.
These risks typically fall into the realm of social engineering and involve the reach of traditional crime being extended by the use of electronic means, examples include:
1) an email account of a director or supplier being cloned or hacked and used to send fraudulent payment instructions
2) a phishing email sent pretending to be from a business’s bank, prompting them to enter account details and passwords into a fake website.
Alternatively e-mail us with your renewal date and we will contact you prior to your renewal – email@example.com
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More on Cyberinsurance
As technology continues to evolve and play an increasingly important role in business,
having cyber insurance is becoming more and more important. Cyber insurance is a type of
insurance that protects businesses against the financial costs associated with cyber attacks
and other types of online threats. Here are just a few of the benefits of having cyber
insurance for your business:
Protection against financial loss.
Cyber attacks can be financially devastating for businesses,
as they can result in lost revenue, legal fees, and other costs. Cyber insurance can provide
financial protection against these costs, helping your business to recover from a cyber attack
and to continue operating.
Compliance with industry regulations.
Many industries have strict regulations regarding data security and protection, and businesses that fail to comply with these regulations can face significant fines and penalties. Cyber insurance can help your business to meet these regulations and to avoid costly penalties.
In addition to the financial costs, a cyber attack can also damage your business’s reputation. Cyber insurance can provide financial support for public relations efforts and other measures to protect your business’s reputation in the wake of an attack. Peace of mind. Dealing with a cyber attack can be stressful and time-consuming, and it can distract you from running and growing your business. Cyber insurance can provide peace of mind, knowing that you have financial protection in the event of an attack and that you can focus on your business.
As more and more businesses are recognising the importance of cyber insurance, having coverage can give your business a competitive advantage. It can demonstrate to customers and partners that you take data security and protection seriously, and that you are committed to protecting their sensitive information.
Overall, having cyber insurance is an important consideration for businesses of all sizes and industries. Cyber attacks are becoming more common and more sophisticated, and having insurance can provide financial protection and peace of mind in the event of an attack.
Frequently asked Cyber Insurance Questions
What does cyber insurance cover?
Cyber Insurance is insurance designed to cover & to protect your business from a variety of threats in the digital age that a standard Property & Liability Insurance offering does not. Cover is provided for claims and costs arising from data breaches or malicious cyber hacks on work computer systems. Cyber insurance covers the losses relating to damage to, or loss of information from, IT systems and networks. Policies generally include significant assistance with the practical management of the incident itself, which can be essential when faced with reputational damage or regulatory enforcement.
Is cyber insurance necessary? Why do I need cyber insurance?
Cyber security insurance is essential for all businesses, whether they have a website, use e-mail, have computer systems, or handle paper or digital data. New technologies mean more risk such as exposure to network risk which includes privacy liability, regulatory fines and business/network interruption.
What is not covered by cyber insurance?
Typically the following would be exclusions on a standard Cyber Insurance policy:
Some cyber policies exclude coverage for claims based upon the insured’s failure to maintain minimum security standards. Most cyber policies exclude coverage for claims arising out of “bodily injury” and “property damage, which would be coverable under a standard Commercial Combined or Liability Policy offering. Prior Acts or incidents emanating before the inception of cover or ongoing Cyber Related incidents that precede the inception of the cover.
Does a small business need cyber insurance?
As recent news stories have shown, most businesses no matter the size are at risk of hacking or being defrauded. Cyber insurance provides coverage for an organisation’s exposure to technological risks. Protecting your business from threats is essential regardless of the type of information you store online, on your computers or devices.
What is the average cost of cyber insurance?
There is no market standard premium as each clients areas of work & exposures are unique, typical Cyber Insurance premiums begin from €300+
Is ransomware covered by cyber insurance?
Depending on the underwriter – your insurer may cover the cost of ransom payments and system recovery, as well as indirect costs related to business interruption, reputation management and GDPR investigations
Does cyber insurance cover GDPR?
Insurance cannot shield you from GDPR Regulations and liabilities in the event of a claim, under current Irish Law your insurer cannot pay any regulatory fine on your behalf but a correctly structured Data protection Insurance policy can be invaluable in assisting in the mitigation and management of a loss including the sizeable costs that can be associated with same.