As mentioned in The Times today, our resident insurance guru and co-founder Ben Rose explains the complexities of insuring against cyber risks.
When designing cyber cover, insurers must take into account not only a business's liability to its customers, but also potential impacts on the business itself.
Ben advises, "While the client's customers may find their finances, IP or reputation under threat due to a leak of personal details or commercially sensitive information, the business itself also has to consider issues such as website downtime, loss of sales and long-term reputational damage. The cumulative cost of all these issues can make cyber insurance particularly complex."
Exposure is usually calculated on a per record cost, where for every record the client holds there is a cost based on all the aspects of the response plan required, such as notification costs, a customer service helpline, credit checks and IT forensics costs. As a result, specialist advice should be sought, to ensure you have the right level of protection to cover all eventualities.
As mentioned in
We made buying insurance simple. Get started.
- 04 March 20201 minute read
From court costs and employee disputes to tax enquiries and VAT mistakes, commercial legal protection is essential for many businesses. Read our guide to get to grips with specialist support. Start today.
- 28 February 20201 minute read
Digital agency insurance keeps you protected, but are you prepared for the risks that come with online marketing, from GDPR and data protection to new social media regulations? Read our top five risks and build an action plan. Start today.