What is cyber insurance?
Cyber insurance is a type of insurance that helps protect businesses from financial losses that can occur as a result of a cyber-attack or data breach. This type of insurance can help cover the cost of items such as data recovery, business interruption, and legal fees. It can also help provide some financial protection if sensitive customer or employee information is stolen.
For businesses that rely heavily on technology, cyber insurance can be an important part of risk management.
By having this type of insurance in place, businesses can minimise the financial impact of a cyber-attack or data breach. Cyber insurance is not a cure-all, but it can help mitigate some of the risks associated with today’s modern world.
Whilst some commercial insurance policies may include an element of cyber cover, many organisations are finding that a specialised cyber insurance policy is better suited to their needs, particularly if they:
Retain sensitive data such as customer names, addresses or banking information
Rely heavily on IT systems and websites to trade
Process card payments
Get in touch with the Hayes Parsons team to discuss your cyber insurance requirements.
Frequently Asked Questions
If you use, send or store electronic data you should consider a cyber insurance policy. Any data is vulnerable to a cyber-attack and/or data breach.
Cyber insurance can cover a broad range of risks, including data breaches, cybercrime, business interruption, system damage and reputational harm. The precise coverage will depend on the policy you choose.
The National Cyber Security Centre has a number of useful resources including this guide on reducing your exposure to cyber attack – Reducing your exposure to cyber attack – NCSC.GOV.UK
The Cyber Security Breaches Survey 2022 reported that the frequency of cyber-attacks is rising with approximately 30% of charities and 39% of businesses reporting cyber security attacks or breaches in the previous 12 months.
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“The team at Hayes Parsons have guided our small school to several improvements in our insurance cover whilst also cutting our costs. Questions are dealt with promptly and comprehensively based on the very latest guidance and knowledge. We are in a stronger position for our relationship with Hayes Parsons and I am very pleased to be working with them.”
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“Adam took the time to understand my business, its current activities and our plans for the future. He used this information to make me aware of the value of various insurance products beyond the Professional Indemnity Insurance I had originally sought and helped me understand the value to my business of each without ever pushing me to procure anything. He responded quickly to all my queries and ensured I had a full understanding of each insurance product. I highly recommend Adam's services, particularly to rapidly growing businesses.”
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Working in the very fast paced environment of marine civil engineering, with equipment and vessels being on and off hired at very short notice, Darren has never let us down in procuring cover for tricky to insure specialist marine equipment in a very time sensitive manner.”
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