Cyber Risk insurance, also known as Cyber Liability insurance, is one of the fastest growing areas of cover as businesses become ever more reliant on technology.
Getting cyber security and information protection right can be a challenge for all companies, no matter their size. This is why Cyber Risk insurance cover should be held by any business which:
- holds sensitive customer data (such as names, addresses and banking information)
- is reliant on computer systems to conduct business
- has a website
- is subject to a payment card industry (PCI) merchant services agreement
With comprehensive Cyber Risk cover in place, a business will be covered from both losses sustained by a breach as well as any liability for damages that may be claimed by a third party.