Cyber insurance (also known as cyber risk or cyber liability insurance) protects businesses from digital based threats. These threats may be due to:
- Malware- whereby an attacker can spy on a business’s online activities and steal private information;
- Ransom ware – where a ransom is demanded for the return of data;
- Cyber hacks/ Hacking- where a computer system is acquired to access private data.
Regardless of your trade or sector, businesses rely heavily on electronic systems to undertake their day to day operations. This ranges from the storage of data and customer records, digital correspondence, transactions and payments to marketing and communication on social media.
There are risks associated with all of these activities, the majority of which are not covered by a traditional business insurance policy. In the event of any cyber violation, it is crucial that you are fully covered if information is lost, damaged, stolen or corrupted.
For many businesses, the growing world of cyber-crime and theft are the biggest concerns. Financial institutions are becoming more reluctant to indemnify against such losses and will more often cite negligence on behalf of the end user, you. Such losses can often cripple a business if adequate insurance cover has not been sought in advance.
What cyber insurance can cover:
McGrady Insurance are pleased to now offer a range of Cyber Insurance products, tailored both in terms of covers and premium to a range of business needs, including those of the small business owner. You don’t have to be a multi-national organisation to have a Cyber exposure. Most businesses now rely on their computer system to store valuable information on their own business and sensitive customer information too.
Here at McGrady Insurance, our team of insurance experts will work with you to ensure a solution should the worst happen.