Cyber Insurance
Cyber Insurance can help to protect your business in Birmingham city centre, or across the UK, against the potential risks posed by advancements in technology. It can provide cover for data breaches or harmful cyber-attacks targeting your company's computer systems.
What is Cyber Insurance?
The frequency of cybercrime incidents continues to increase, posing a significant risk to companies' data security. As a result, businesses face the potential threat of data breaches, ransomware attacks, and other forms of cybersecurity incidents. By having Cyber Insurance in place, a company can help minimize its financial responsibility for damages resulting from a cybersecurity attack. Cyber Insurance acts as a proactive measure to mitigate the increasing cyber risks that businesses face in the digital realm, offering protection and reassurance while conducting online operations.
Why do you need Cyber Insurance?
If a company or business stores or transfers digital data, having Cyber Insurance can be highly beneficial. Industries that can benefit from it the most include finance, manufacturing, healthcare, and service industries, and many more. Most likely, the stored data is sensitive and can be used for cyber-attacks if accessed by unauthorised individuals. That's why for businesses, including Cyber Insurance as part of your insurance policy is crucial. It provides financial assistance in the event of a worst-case scenario.
Common Cyber Crimes
Hacking |
Hacking refers to the misuse of devices and networks to cause damage, gather information, or disrupt activity. It involves identifying and exploiting weaknesses in computer systems or networks, usually with the goal of gaining unauthorised access. |
Malware |
Malware is a general term used to describe malicious software that disrupts the regular operations of a computer. It encompasses various harmful programs, such as viruses and other destructive software, which can be used to infiltrate systems and networks. |
Ransomware |
Ransomware is a type of malware that prevents users from accessing their computer files, systems, or networks by encrypting or locking them. |
Phishing |
Phishing is a form of social engineering attack that focuses on deceiving users through the use of counterfeit messages and emails. Its objective is to manipulate the recipient into divulging sensitive information or installing malicious software. |
Cyber Attack Insurance
Cyber Attack Insurance, also known as Cyber Liability Insurance or Cyber Security Insurance, is a type of cover that helps organisations mitigate the financial impact of cyber-attacks and data breaches. As technology continues to advance, businesses face an increasing risk of cyber threats that can result in significant financial losses, reputational damage, and legal liabilities.
In an age where a stolen laptop or hacked account can instantly compromise the personal data of thousands of clients and customers, or an ill-advised post on a social media site can be read by hundreds in a matter of minutes, protecting yourself against a cyber attack and from cyber vulnerabilities is just as important as some of the more traditional exposures businesses account for in their general Commercial Insurance policies.
Cyber Liability Insurance policy can cover:
Crendon Insurance can offer bespoke Cyber Attack Insurance packages that are specifically designed to address the risks that come with using modern technology – risks that other types of Commercial Business Liability Insurance simply will not cover.
Cyber Liability Insurance policy can cover:
- Damages following security failure or breach of Data
- Ransom & Extortion
- Costs to engage specialist organisations to minimise any loss of reputation
- Insured GDPR fines and defence costs
Data Protection Insurance
Crendon Insurance are a specialist provider of Data Protection Insurance which is a must for businesses who are looking for robust protection against cyber vulnerabilities.
As the amount of data being generated and stored continues to increase at an unprecedented rate, organizations face a growing risk of data breaches and cyber-attacks. Data Protection Insurance can provide cover for expenses such as incident response, forensic investigations, legal costs, notification to affected individuals, public relations efforts, and potential lawsuits arising from a data breach.
The GDPR Insurance policy can cover:
- Damages following security failure or breach of Data
- Ransom & Extortion
- Costs to engage specialist organisations to minimise any loss of reputation
- Insured GDPR fines and defence costs.