Does your company have cyber liability insurance?

The importance of protecting your organisation

Continuing our focus on cyber awareness this month, does your company have appropriate cyber liability insurance in place?

Everyone relies on IT within their organisation to some degree, and a cyber incident can cause significant losses relating to information, reputation, business downtime and financial damage.

Cyber liability insurance covers the losses when you’re a victim of a cyber incident such as a ransomware attack, phishing or data breach.

Policies can vary greatly in their scope of cover. Liability, electronic data, legal or investigative fees, loss of income, extortion losses and reputational damage are some of the key things you need to be aware of when choosing a cyber liability insurance policy, and not all insurers will cover every item on the list.

The majority of organisations have insurance to protect themselves from fire or theft, however only 1 in 5 (17%) of small businesses have a cyber insurance policy.