Cyber Risk & Liability Insurance
The ability to communicate and make transactions online has revolutionised the way that we do business, but with new opportunities come new risks. Today digital technology is built into every aspect of commercial life from keeping in-touch with customers to storing information electronically and generating new business. As a result Cyber Risk Insurance has fast becoming a business essential.
Recent government figures put the county’s annual online turnover at £82 billion and British businesses now earn one in every five pounds online. As society reaps the benefits of becoming increasingly connected we also become increasingly exposed to the risks of cyber crime.
Last year over 80% of large corporations and 60% of small businesses reported breaches in their cyber security. The financial fallout was considerable with the worst breaches costing small businesses an average of £65,000 – £115,000. For larger corporations the damage ran into the millions and unfortunately the costs are rising year-on-year.
Cyber security is a growing concern for businesses, and while there are plenty of steps you can take to improve your online security, determined criminals will always be able to find a way in. Cyber Risk Insurance may not stop the worst from happening, but it will provide you with a financial safety net.
Cyber Risk Insurance is designed to cover losses made by you, or the cost of claims made against you, as a consequence of using email or the internet. Because each policy is made to measure it means that benefits vary, but typically cover:
- Financial compensation in cases of fraud and identity theft.
- Hardware problems and loss of digital assets.
- Third party liability concerns including data protection.
- Intellectual property and copyright issues.
- Compensation for damage to your business’ reputation.
- Lost income if your computer systems are compromised.
At Quoteline Direct we can tailor a competitive Cyber Risk Insurance policy to fit all types (and all sizes) of business. Remember that cyber criminals are opportunists who are just as happy stealing credit card details from a local shop as they are stealing databases from a multinational corporation.
We have access to a panel of specialist insurers and with more than 45 years’ experience you know that you’re dealing with a broker you can really trust. To find out more call a member of our commercial insurance team on Tel: 0161 874 7979 or fill-in our online contact form and we will get back to you shortly.
Whether your computer systems have been compromised maliciously or by mistake, from inside or from outside, by humans or by malware; with Cyber Risk Insurance from Quoteline Direct you’re completely covered.