The internet could be argued to be one of man’s greatest inventions, with the world’s population growing increasingly dependent on it in their daily lives – especially businesses.
The internet has become an invaluable tool for small businesses, for whom start ups can simply rely on email and the internet to run their business – whether it is using a website to show case your products or emailing a client an invoice.
However with such dependency on a public forum, running your business like the internet, it does not come without its risks, and this is where a Cyber Insurance policy can ensure your company has a safety net.
Cyber Insurance is not a run of the mill product, with the majority of cases. The policy will be tailored to meet a business’ individual needs. Depending on your company’s requirements, size and general exposure but coverage can include:
- Cyber and Privacy Liability
- Coverage for Data stored in the Cloud
- System damage rectification costs
- Cyber Business Interruption
- Reputation Harm Cover
- Regulatory Actions and Investigations Cover due to a breach of privacy
- Privacy Breach Notification Costs
- Compute Crime
- Identity Theft
- Cyber Threats or Extortion’s
- Telephone Hacking
- Phishing Scams
- Multimedia Liability – Including defamation, intellectual property rights infringement, content liability
- Court Attendance Costs
- Crisis Communications Costs
But what is Cyber insurance? Well to put it simply, your company’s public liability insurance policy covers physical property. So if your computer gets hit by lightning, you’ll be reimbursed, but what if a virus destroys your data and causes serious downtime? Your liability policy may or may not cover the lost data or reimburse you for the time. Cyber insurance clears the confusion and writes policies that deal directly with technology.
So if your business is moving with the times, and you could use the benefits of a Cyber Insurance policy, then talk to the team and Goldcrest.
