Cyber liability is a threat to all businesses, but it’s one you can insure against.
Today every organisation that uses the internet, even if you simply send emails and search a few websites, is at risk. Businesses large and small are exposed to cyber attacks as well as being exposed to potential privacy and data breaches.
Appropriate insurance is vital however the first step in protecting your business is to ensure you have implemented sound risk management practices such as:
- Review your protection mechanisms, for example firewalls and anti-virus software
- Implement a data breach recovery plan
- Train employees to understand and mitigate the risks
- Review contracts with data storage providers; and
- Conduct external penetration tests to highlight potential danger zones.
In addition to sound risk management practices a Cyber insurance policy will provide additional protection. This includes cover for liability arising from unauthorised use of, or access to your networks electronic data or software. It also covers liability claims for inadvertently spreading a virus or malicious code, computer theft, extortion, or an unintentional act, mistake, error, or omission made by your employees while performing their job.
EBM can arrange a Cyber insurance policy which offers cover for a range of first-party and third-party losses.
Should you wish to discuss your cyber exposures in more details or require further details on a Cyber insurance policy, please contact your EBM Account Manager to discuss further or click here to contact us.
Want to know more regarding cyber insurance or cyber-security? Then please check out our cyber-related content for further information:
- 10 Ways to Reduce the Risk of a Cyber Attack
- What is Cyber Insurance, How it Works & Why
- Cyber Risk & Insurance Fact Sheet