Cyber Insurance

Cyber Insurance and Cyber Security for Businesses

Why do you need cyber insurance?

Cyber risk is now a significant threat to businesses as the impact of cybercrime reaches an all-time high. With many daily transactions and companies now online, this has created a target market for cybercriminals.

The recent cyber-attack on the HSE has highlighted that even a large government organisation can be vulnerable to such attacks. It’s no longer a question of if your company will be breached, or even when because it is most likely to have happened already. The real questions for most of us now are: will you know it has happened and how prepared is your business for when it does?

What kind of claims can happen?

  • Network extortion, including ransom demands.
  • Cybercrime takes many forms, including phishing scams, website spoofing, ransomware and malware.
  • Cyber-attacks can also include electronic theft, computer fraud and telecommunications fraud.
  • Reputational damage – trust is an essential element of the customer relationship; cyber-attacks can damage your business reputation and erode the trust your customers have in you.

Cyber Liability Insurance Protection From BMIB

  • Protect your company from malicious employees and other cyber dangers by purchasing cyber liability insurance.
  • Cyber security insurance can cover the cost of ransom demands over hacking incidents.
  • Insurance can also cover the costs associated with informing your customers of a hack, subsequent legal defence costs and any damages you are liable to pay to other parties.
  • Be protected from the cost of restoring or reinstating the data to get your website back up and running – you may also be insured for the potential loss of net profit to your business.