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Cyber insurance is a contract a company can purchase to reduce the financial risks associated with online business. It is also called cyber liability insurance or cybersecurity insurance. This is purchased in exchange for a monthly or quarterly fee.
Cybersecurity insurance is a much-needed product in the present digital universe. It enables businesses to reduce the risks associated with cybercrime. These activities may include data breaches, ransomware, business interruption, and cyberattacks.
It protects organizations from the cost of internet-based threats that may affect IT infrastructure. These are often ignored by commercial liability policies and traditional insurance products.
Cyber insurance coverage works in a similar way as businesses would purchase traditional insurance covers. They work against physical risks and natural disasters. But cyber insurance is different. It covers the losses an enterprise may suffer as a result of a cyberattack.
Cyber insurance policies can help cover the financial loss resulting from cyber incidents. A cyber-risk coverage often helps with the costs related to remediation. This includes payment for legal help, investigators, Public Relations experts, and customer refunds.
Cyber insurance is becoming essential for all companies. The risk of cyberattacks against applications, devices, networks, and users is gradually growing. If there is any compromise, loss, or theft of data, businesses can lose customers. They may also lose reputation and revenue too!
The latest reports by Mordor Intelligence estimate that the UK Cyber (Liability) Insurance market is set to grow by CAGR 9%. This figure is expected to grow more by 2028.
On the other hand, another latest report by Future Market Insights estimates that the cybersecurity insurance market is expected to reach US $61.2 Billion by 2032.
In the United Kingdom, cybersecurity insurance policies generally offer coverage in the following areas:
This covers financial losses resulting from a cyber incident that affects day-to-day business operations. This may include the costs of downtime and revenue. It may also cover additional expenses incurred during the recovery period.
Insurance companies offer coverage for expenses related to extortion threats or ransom demands. This also includes payments to cybercriminals.
This provides coverage for damages and legal expenses that may result due to a network security failure or data breach.
Data breach covers the notification expenses and credit monitoring services. It also covers legal fees related to violations of privacy laws.
Companies provide coverage for financial losses. This may result from fraudulent activities, such as fraudulent fund transfers.
Cyber insurance protects against defamation, libel, or slander claims. This may happen on New Media like websites and social media.
It covers the costs associated with fines resulting from a data breach or failure to comply with privacy laws.
On average, premiums for cyber insurance in the UK can range from £500 to £5,000 or more per year. However, these figures are approximate. It is important that businesses obtain figures tailored to their specific needs and risk profiles; However, the cost of cybersecurity insurance depends on various factors, which may include the following:
Legal Ex Plus has been at the forefront of providing professionals with tailored cyber insurance products. We understand that you need products that suit your specific needs. Our vast experience in the field of insurance enables us to thoroughly research and understand your business.
You can understand our commitment by the fact that in The Insurance Times Cyber Product Survey 2018, our cyber insurance policy for SMEs is the only one to score 100%.
Broadly, we provide a robust cover against the new and emerging threats in the current scenario. Businesses are engaging in New Media more than ever before. So, it's important to consider cyber insurance.
Data is the new buzzword for all in any business. Loss of data means loss of business and valuable man-hours. Cyber insurance helps you cover your costs and get back to business.
Keep your client data secure and online transactions safe by updating yourself regularly on frequent changes in the law. Our competent teams ensure that you do not miss out on anything, however, minute.
In today’s digital universe, it is easy to fall prey to a number of cyber risks. But not anymore now! Our Legal ExPlus provides comprehensive Cyber Insurance Solutions.
Cybersecurity insurance is an important asset for businesses of all sizes today. It can help you protect your business from the financial losses caused by unsafe cyber-attacks. If you do not have cyber security insurance, contact us to get a quote today.
In the present scenario, stricter data protection regulations are pushing businesses to seek cyber insurance for their companies. It is difficult to comply with so many nuances of the law. Hence, you need a dedicated team in the area of cybersecurity. They will advise and offer both first-party and third-party coverage. This will mitigate any further cyber risks for your business. So, Act Now!