Why purchase cyber insurance?
If you have a motor crash a good insurance policy will include roadside rescue, a replacement car and the reimbursement of costs to both you and the person whose car you hit.
A good cyber policy will do the equivalent and support you completely when you are helpless at the mercy of a cyber attack.
Amongst other things, cyber insurance will:
If you think about it, this is no different to why you buy motor insurance. When you have a ‘bump,’ insurers pay the bill. In this case the ‘bump’ is the total paralysis of your computer systems due to a cyber attack, your liability to your clients following unauthorised access to their records, your loss of income due to network failure and reimbursement of money stolen from your company due to payment of a fraudulent invoice.
There were an estimated 3.6 million cases of fraud and two million computer misuse offences in a year, according to an official survey. Don't let your business be a part of it...
Being aware of the 'Party Wall etc Act 1996' and the implications it may have on your property development is crucial.
No matter the size of your business, it is important to know the insurance required to ensure you are covered.