As cyber risks grow, Cyber Insurance has become essential for businesses of all sizes. It now covers more than just data breaches, protecting against a range of cyber incidents. Clear Business helps you tailor Cyber Insurance to keep your operations secure.
The aftermath of a cyber attack can be both costly and complex, involving incidents like ransomware, denial of service, and network security breaches. Cyber Insurance helps to mitigate the financial impact of these incidents, even when existing security measures fall short. Investing in cyber security alone may not fully protect your business, given the constantly evolving landscape of cyber threats. Cyber Insurance offers a critical safety net that covers financial losses, liability, and business interruption. This added layer of protection could be the advantage your business needs to recover swiftly from a cyber event.
The 2021 UK Cyber Security Breaches Survey highlighted the growing risks, with a marked increase in UK businesses adopting Cyber Insurance, rising from 32% in 2020 to 43% in 2021. This trend reflects the rising awareness and necessity of cyber protection in today’s interconnected world.
The digital world is full of sophisticated cyber threats that target businesses of every size and type. From sole traders and small retailers to larger enterprises and professional services, no one is immune. Cyber criminals employ advanced tools to identify vulnerabilities, which means any business could be at risk.
In 2020, 46% of UK businesses reported experiencing a cyber incident within in 12 months, according to the Cyber Security Breaches survey. Unlike traditional crimes, cyber threats are often untargeted, with attackers exploiting any weakness they find. Having Cyber Insurance in place gives your business the resilience it needs to withstand these ever-present risks.
Human error is a leading cause of cyber incidents, whether it’s due to weak passwords, outdated security software, or falling for phishing scams. In 2019, the Information Commissioner’s Office (ICO) reported that 90% of cyber incidents involved some form of human error. No matter how prepared your team is, mistakes happen.
Cyber Insurance helps protect your business from the financial fallout of these errors, while continuous staff training and awareness initiatives can further mitigate risks. Ensuring your team understands common threats and how to respond is essential, but Cyber Insurance provides crucial coverage if preventive measures fall short.
When a cyber attack occurs, the speed of your response is critical. The first hour, often referred to as ‘the golden hour,’ can determine the extent of the impact. Delays in responding can leave your business vulnerable, increasing the potential for data breaches and reputational harm.
Cyber Insurance policies typically include access to immediate support, allowing you to act swiftly to minimise damage. Statistics from Redscan indicate that, on average, businesses took 60 days to detect a breach and an additional 21 days to report it. With Cyber Insurance, your business benefits from rapid response resources, helping to keep operations running smoothly and mitigate long-term impacts.
Data is the lifeblood of your business, and protecting it is paramount. A cyber incident that disrupts your IT systems could halt operations and damage your reputation. Cyber Insurance not only helps to cover the costs associated with business interruption but can also include support for public relations to assist in managing stakeholder communications after an incident.
A strong Cyber Insurance policy will reimburse expenses related to IT system restoration, loss of revenue, and even PR services to help repair your business’s public image. This comprehensive protection can be a vital part of maintaining customer trust and business continuity.
As digital threats grow, so do the regulatory requirements for businesses to protect customer data. Data protection regulations, such as the GDPR, mandate rigorous standards and impose penalties for breaches. In 2020/21, the ICO imposed a record £42 million in fines, a significant increase driven by high-profile breaches.
Cyber Insurance can help cover defence costs, regulatory fines, and penalties, where legally permissible, ensuring your business is financially equipped to manage compliance obligations. Keeping up with these evolving regulations is essential, and Cyber Insurance can provide a valuable safety net as you navigate these requirements.
Cyber security is not a one-size-fits-all solution, and neither is Cyber Insurance. At Clear Business, we understand that each business has unique risks and coverage needs. A Cyber Insurance policy can be customised to address your specific operational vulnerabilities, providing the financial protection you need for potential business interruptions, reputational damage, and regulatory compliance. Want to learn more about cyber security? Read our guide to cyber security for small businesses.
Take Proactive Steps to Secure Your Business
Waiting for a cyber attack before taking action can be a costly mistake. Be proactive and protect your business with a tailored Cyber Insurance policy from Clear Business. From covering financial losses due to business interruption to helping restore your reputation, Cyber Insurance offers critical support in today’s digital landscape.
As a business owner, you can understand the importance of having the right insurance package to mitigate risks. We can help you get the cover you want with less hassle.
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*The price is for up to £2 million of public liability insurance – 10% of customers paid £4.74 or less annually between 1st Jan - 31st May 2024. Equivalent to £56.82 a year (and excludes the extra costs for paying monthly). If you complete a quote, more types of cover will be available and these all have additional costs.
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