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Business Insurance Protection for your Cyber Risks*

Today almost all businesses have a website and access the internet. The benefits of this online presence, however, come with the risk of being a victim of cyber crime where malicious actors breach your systems to gain access to your data. The potential losses associated with a cyber attack can be significant which is why it is vital to have cyber insurance in place to protect yourself against such attacks.


Smart Cyber Insurance offers insurance cover that may help protect you from the costs associated with a cyber attack. It may protect you against a wide range of internet-based attacks as well as help you to restore your information technology infrastructure after an attack. The risks you face are not only financial: a cyber attack could result in the theft of your critical intellectual property, put your customers’ information at risk and cause lasting damage to your reputation. In short, cyber insurance is a necessity for any business.

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Risks of Not Having Cyber Insurance

You may think that cyber insurance is only a necessity for large enterprises, but almost all businesses rely on their computer systems now. Small businesses not only face the same risks as larger firms, but they are also often regarded as an easier target by criminals.

A successful ransomware attack, for example, could cripple your operations and leave you with the difficult decision of whether to pay the criminals or conduct a time-consuming restoration of your systems. Restoring your system, and ensuring it is secure, is also a costly exercise and in some cases may result in having to rebuild it from the ground up.

Where customer information is compromised you not only face potential legal action for loss of privacy or identity theft (where damages could be significant), you may also be required to notify government or other regulatory bodies of the nature of the breach (and be subject to fines if you fail to do so). There is the risk of significant legal fees and expenses in dealing with the consequences of a data breach as well as the costs of advising all parties that are potentially affected.  Further, you could also be held liable for third-party data that is held on your system if it is compromised.

When you consider the potential losses from a cyber attack, not having cyber insurance is the biggest risk of all. If you suffer a cyber attack and cannot cover potential regulatory fines, compensation claims, legal fees or reputational damage, it could easily bankrupt your business.

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Cyber insurance is designed to protect a business from the consequences of a breach of their computer systems by criminals or other malicious actors. It may protect against damage caused by the release of sensitive customer details, the costs of repairing and restoring affected systems, dealing with ransomware attacks, and notifying customers and authorities among other potential liabilities.

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No matter the size of your business, you may need to have cyber insurance in place. The potential damages resulting from, for example, the theft of intellectual property or customer details later used in identity theft can be significant. Also significant, is the cost to your business of your computer systems being unavailable and having to restore them after an attack.

Many cyber insurance policies cover ransomware attacks where a criminal locks a computer system’s data and requires a payment (‘the ransom’) to restore a victim’s data. The prevalence of such attacks in recent times, and the increasing amounts of money demanded, mean that an insurance policy may specify coverage in some detail such as, for example, whether paying the ransom is an option. Conditions will apply so it’s worth talking to a Smart Business Insurance broker about what is and what isn’t covered in each specific cyber insurance policy.

The amount of cyber insurance that you need may depend on the type and size of your business, the specific risks it faces and the potential losses that could result from a cyber attack. Policies can also vary in terms of the benefits they provide – do they, for example, only cover you against financial loss up to an agreed amount or do they provide additional services such as a team of experts to identify the breach, notify affected customers and/or restore the affected systems.

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