One in every three small businesses in the UK has been adversely affected by cybercrime. Small businesses have thrived in the UK but the risks they face from hacking and security breaches have also increased over time.
So if you are based in the UK, having a cyber-liability insurance plan can provide security and protection to your business. You need cyber insurance cover if:
• You hold customer, supplier or employee information like names, addresses, email addresses or bank details.
• You use a computer to run your business.
• You take card payments or make electronic payments.
• You have a website.
Cyber liability insurance, also known as cyber risks insurance or cyber liability insurance cover, is designed to protect your business if it suffers a malicious data breach or is targeted by a hacker.
Cybersecurity breaches can expose your business to many possible risks, like income loss, repair expenses, business interruption, damaged reputation and regulatory fines.
An effective cyber insurance policy caters for these risks and covers the financial loss associated with damage to or loss of information from IT systems, data systems and networks.