Cyber insurance, which covers your business against the effects of a serious cyber incident, is not an “off the shelf” policy. Our team will work with you to assess the exact cover your business needs to protect your company as well as your customers.
So what does cyber insurance actually cost?
Your cyber insurance policy will be built around your business, and the specific needs of you and your customers. Although this means that there is no single published price for a cyber policy, it also ensures that you always get the best value for money. With a bespoke policy, you are never paying for anything you do not need.
As a rough guide, cyber insurance cover typically starts from just £182 a year, and provides protection against:
• Breach costs: This includes legal advice, undertaking forensic investigations and notifying regulators or customers of the breach. It also covers credit monitoring support for affected customers.
• Hacker damage: You’ll be reimbursed for the costs associated with restoration, repair or replacement if a hacker damages your systems, website, data or programs.
• Privacy protection: This will help you settle claims made against you in relation to failing to keep personal data secure. It will also cover the regulatory investigation costs and settle civil penalties levied by regulators, if possible.
• Cyber business interruption: If damage caused by a hacker prevents you from earning revenue, you’ll be compensated for the loss of income as well as the damage caused to your reputation.
• Media liability: Policies can includes protection if you infringe someone else’s copyright by mistake. For example, if you accidentally libel a third party in your electronic communications or you use a picture without permission from the owner.
• Cyber extortion (ransomware): If a hacker attempts to hold your business to ransom, you’ll be protected with cover for any ransom you pay. The costs of hiring a risk consultancy firm to manage the situation will also be covered.
Factors which could affect the cost of your cyber insurance policy include:
• the specific types, and level, of cover you require;
• the nature of the risks that your business faces; and
• your annual turnover.
Value for money
Despite the cost, it’s important to remember that cyber insurance represents excellent value for money. Cyber incidents and data breaches can cost your business a lot more than simply a hit to your finances. Huge penalties under data protection laws, regulatory fines, reputational damage, and loss of business are just a few of the potential consequences of a cyber attack and are all things that cyber insurance can protect you against.
The cost of not being covered
Since May 2018 and the introduction of GDPR, the risks of not being covered by cyber insurance have increased dramatically. If your business is attacked by cyber criminals and you suffer a data breach, you could be liable to pay a fine of up to €20,000,000, which very few businesses will be able to afford. That fine will be on top of the costs of notifying and supporting your customers, fixing your IT systems, and the loss from reduced business.
Whilst it is an extra expense, it is easy to see why cyber insurance is excellent value for money, especially when you compare this to the costs of not being covered.
Contact us today for a no-obligation discussion about how you can find the right cyber insurance for your business.
Get a Cyber Insurance quote for your business.