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Cyber Liability Insurance protects your business against threats such as data breaches, business or network interruption and malicious cyber attacks on work computer systems.
Technology is at the heart of successfully running a business and Cyber Liability Insurance addresses the risks that come with this. An expert will look closely at your business to understand the types of threats it could be exposed to and work out the level of cover you need.
Your business needs Cyber Liability cover if you rely on computer systems, store customer data or have a website, because this puts you at risk of a data breach or loss of vital business services. The risks are even greater if you handle customers’ bank details and process payments.
Examples of these risks include customer data being stolen or a virus infecting other people’s computer systems.
Regulations, such as the Data Protection Act, are in place to protect consumers. Cyber Liability Insurance protects you. The cost to your business, both financially and reputationally, could be devastating if the law is broken. Without proper cover you could end up paying for IT experts to control the damage, investigation fees, third party liabilities and suffer major loss of earnings from your business shutting down during a cyber attack.
Cyber Liability policies typically cover the financial and reputational costs resulting from a cyber attack for the first party (your business) and third party (customers, clients or anyone else affected by the attack).