The world has never been so technologically intertwined. Majority of businesses, whether that be a one-man band or a global corporation, rely on their computer systems and the internet to keep trading. Whether that be via their mobiles, laptops, or computer systems, they are a major necessity and a vital component in the running of a business.
Over the past few years, Cyber Liability has rapidly grown, yet businesses seem to not agree with the need to focus on this more specifically. This could be due to businesses not being fully aware of the possible damage that could be caused should something happen to their computer systems; they think their existing anti-virus software is enough. It can happen to anyone. Some may complain cyber protection/liability is too expensive, when in fact not having this in place could be even more costly!
What would a Cyber policy cover?
A Cyber policy would cover the costs incurred due to a data breach/cyber-attack. This could be anything from restoring lost data, damage payments to third parties, company financial loss, investigation & ransom costs and regulatory fines that you’re legally required to pay due to a data breach.
You would be astounded how many cyber-attacks occur. 99% of people have personal information stored on the World Wide Web and it can take a hacker a matter of seconds to attack a software or send a fake email to a customer requesting funds from ‘your’ email. This could happen to any business and the effect on the customer alone could cost an awful lot to a business, let alone their own costs to rectify the matter on top.
The law is becoming stricter regarding the storage and protection of customer data. Just like a Commercial Combined or a Liability policy, exposure or damage to personal data kept needs protecting and that’s where a Cyber Liability policy could ultimately be paramount to have in place.