Cyber Insurance

Cyber Security Insurance

Cyber risk insurance, also called Cyber Security Insurance, is a protective cover businesses can take to help offset the costs related to cyber-attacks. These assaults can run from information breaks, to malware diseases, ransomware exercises and disavowal of-administration assaults. If so, your business must have good insurance to protect it because cyber threats are becoming more frequent and effective.

Why is Cyber Security Insurance Crucial for Your Business?

In today’s digital landscape, cyber security insurance is indispensable for businesses of all sizes, particularly small and medium-sized enterprises (SMEs) that may not have the resources to recover from a cyber incident. Recent statistics reveal that over 60% of businesses have experienced a cyber attack in the past year. Without cyber insurance, these attacks can result in significant financial losses, reputational damage, and hefty regulatory fines.

What Does Cyber Security Insurance Cover?

Cyber Security Insurance typically includes comprehensive coverage for various types of cyber threats:

Data Breach Costs: This covers the expenses associated with notifying affected individuals, investigating the breach, and implementing measures to prevent future incidents.
Ransomware Payments: If your business falls victim to a ransomware attack, cyber insurance can assist with paying the ransom to restore access to your data.
Business Interruption Losses: Covers lost revenue and additional costs incurred due to business disruptions caused by a cyber attack.
Regulatory Fines and Penalties: Provides financial support for fines and penalties imposed by regulatory bodies for non-compliance or data breaches.

When Should You Invest in Cyber Insurance?

Cyber crime is escalating, making it crucial to secure cyber insurance if your business relies on digital systems, stores sensitive data, engages in online transactions, or uses social media. Protecting your business with cyber insurance is a proactive measure to mitigate risks and ensure continuity in the face of potential cyber threats.

How Much Cyber Insurance Coverage Do You Need?

The cost and extent of cyber security insurance depend on factors such as your business size, industry sector, and desired coverage level. Generally, cyber insurance is a cost-effective investment compared to the potential financial impact of recovering from a cyber attack.

How Cyber Cover Benefits Your Business?

1. Recovering From Attacks: Our cyber insurance policy provides comprehensive protection against emerging threats and offers practical assistance, including expert support to restore your network and recover data. Notably, in The Insurance Times Cyber Product Survey 2018, our SME cyber insurance policy achieved a perfect score of 100%.

2. Loss of Data: Accidental data loss or sharing can cause significant disruptions. Our insurance helps mitigate these impacts by covering related costs and facilitating a swift return to normal business operations.

3. Your Security Commitments: Adhering to data protection regulations like GDPR can be complex. Our cyber insurance helps you meet your compliance obligations and navigate the evolving landscape of digital security requirements.

Choose Legal Ex Plus for Cyber Insurance Solution

In the face of rising cyber threats, protect your business with Legal Ex Plus. Our tailored Cyber Insurance solutions are designed to defend against the ever-evolving risks in the digital world. Contact us today to secure your business’s future and ensure you are covered against cyber risks.

Get a Quote for Cyber Insurance Today

Cyber Security Insurance is a vital investment for safeguarding your business from the financial repercussions of cyber attacks.

Get a personalised quote and protect your business’s digital assets.