How Do I Sign Up For The Cyber Liability Insurance?
Protecting your organisation against the risks associated with a cyber breach is crucial. The costs of a security breach can be considerable so you must ensure financial provision is in place should the worst happen.
Cyber Liability Insurance gives you valuable protection as well as logistical support in the event of an incident taking place. It provides added protection should your security measures fail.
What is Cyber Security liability insurance?
If a UK or Crown Dependencies organisation has a turnover under £20m and achieves the basic level Cyber Essential certification, they may be entitled to apply for Cyber Liability Insurance.
Cyber Liability Insurance protects you in the event of a cyber incident taking place. As well as providing up to £25,000 of cover in the event of a security breach, it also provides access to a 24-hour helpline. This allows you to report cyber incidents and provides valuable crisis management.
Cyber Liability Insurance is another benefit of gaining Cyber Essentials certification for your organisation, providing a second tier of protection should your business come under attack.
If your organisation has secured a Cyber Essentials certification, then you will be able to access Cyber Liability Insurance on an opt-in basis. This provides valuable protection for your organisation and can cover financial losses, legal expenses, and fines associated with data breaches and other cyber incidents.
Why take out Cyber Liability Insurance?
Cyber Security insurance for businesses gives your business added protection against the threat posed by cybercriminals and can act as a key component of your comprehensive risk management strategy.
Should you choose not to take out a cyber liability insurance policy you may face extensive financial losses, reputational damage, and legal liabilities should you be a victim of a Cyber Security breach. Recovering from a cyber incident without having business Cyber Security insurance in place can be costly and prolonged. In many cases, it could even impact the long-term viability of the business.
What does it cover?
1. Liability
- Any claims that are made against your organisation resulting from digital media activities and security and privacy liability.
2. Event Management
- Cyber Security insurance can also provide reasonable and necessary fees, legal expenses, IT expenses, data recovery expenses, reputation protection expenses, notification expenses, credit and ID monitoring expenses, and first response expenses.
3. Extortion Threat
- Cyber liability insurance provides cover against the threat of extortion or blackmail as a result of a data breach.
4. Regulatory Investigations
- Cyber liability insurance can cover defence costs and regulatory fines.
5. Network Interruption
- The reasonable costs and expenses incurred to minimise network loss and to reduce the impact of a material interruption.
Curious About Cyber Essentials In Action?
Learn how a software development company nailed the security basics with Cyber Essentials, making their continuous security journey easier and more manageable.
Increased Indemnity & Wider Cover
Basic Cyber Liability Insurance dependent on Cyber Essentials certification has a £25,000 indemnity limit. This can be sufficient for a small breach or incident but may not be adequate if your business suffers a serious security incident. More extensive cover and a higher indemnity limit will require a more tailored cyber insurance policy.
Achieve Cyber Essentials Certification with Equilibrium Security
Before your organisation can enjoy the benefits of Cyber Liability Insurance you must first achieve a Cyber Essentials certification.
Equilibrium Security is one of the few Cyber Essentials UK Certification bodies within the Midlands. We have been working alongside IASME conducting Cyber Essentials and Cyber Essentials Plus assessments since 2016.
We work with you to help you improve your security and achieve certification. We have the expertise and experience to help you deliver your security strategy.
Contact us to find out how we can help you protect your business from the consequences of a cyber-attack.
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