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Cyber liability insurance protects you from cybercrimes like ransomware and internal attacks, which have risen exponentially in the last five years. Although businesses have to budget hundreds or thousands of pounds extra for this insurance, that cost can look small compared to recovering from a data breach.
Coverage varies widely between insurance companies for protecting against this rising risk. Your cyber liability insurance may include the following:
Cyber liability insurance could cost your business anywhere from a few hundred to several thousand pounds. A business’s premium stems from its risk of a cybersecurity breach and the expected costs for restoring sensitive information.
The following are some factors that influence your premium:
It’s not just large companies like LinkedIn and Yahoo that should show concern over cyber liability. Claims against smaller companies can be just as devastating. In fact, over 40% of cybercrimes target small businesses, according to the 2019 Verizon Data Breach Investigations Report. Every business should consider the risks of cybercrime and the effects it might have on the company’s operations.
Businesses face many types of cybercrimes with each one increasing in number of attacks each year. Threats to watch out for include the following:
As with any form of business insurance, it is critical that business owners take the time to assess what they actually need to be covered for to avoid paying for expensive extras on their policy they don’t require. Some other key steps to reduce the cost of your cover include the following:
While cyber liability insurance can set your business back a significant amount each year, it also protects against the increasing danger that a cybercrime will happen to your company. Even low claims payouts can total hundreds of thousands, offsetting the cost of insurance completely.
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