Attend IT Blog

Attend IT Limited has been serving the Brentford area since 2003, providing IT Support such as technical helpdesk support, computer support, and consulting to small and medium-sized businesses.

Why Your Business Needs Cyber Insurance (and What to Look For)

Why Your Business Needs Cyber Insurance (and What to Look For)

We get it—nobody likes to think about the prospect of being impacted by a cybersecurity incident, but it’s like any other unpleasant event in that it is best to prepare for it. In fact, today’s businesses can invest in a cyber insurance policy to help prepare for such an eventuality.

Let’s go over some of the ins and outs of cyber insurance so that you are prepared to make the best choice of provider for your business.

First of All, What Does Cyber Insurance Cover?

Depending on your provider, there are different levels of coverage that your business has to consider.

First-Party Coverage Helps Cover Your Direct Losses

Suffering a data breach is an expensive circumstance. In addition to the costs required to recover any data still available, you also need to consider the cost associated with your business’ downtime and the fees incurred by any investigative services you enlist.

Third-Party Coverage Takes Care of Your Clients and Business Partners

Chances are that a data breach won’t just impact data that pertains to your business, potentially also harming the vendors you work with and the businesses you serve. You will be responsible for trying to make it right, which will be a costly endeavor.

It is also important to mention that cyber insurance covers more than just cyberattacks. While you should check any policy you plan to sign, it isn’t uncommon for a cyber insurance policy to cover damages from any form of business interruption—and to also cover hard copies of your data. Don’t be afraid to confirm what your policy covers before committing to an extended agreement.

What You Need to Determine as You Seek Out Cyber Insurance

During your search for a cyber insurance policy, it will be massively helpful to have a few facts and figures ready. This includes things like:

What is it your business will likely need? As we said before, there are various costs that different insurable events will incur. Let’s say that your business accepts card payments, and therefore needs to abide by the Payment Card Industry Data Security Standard—except somewhere along the way, someone fumbled the ball and left your business noncompliant and subject to fines. Cyber insurance may help cover these costs, and that’s just one example. It will be important for you to identify all potential needs like this and go about your search with them in mind.

How much can you invest into your cyber insurance? This is the big question when it comes to any budgetary determination, of course, but it’s particularly important to consider when the potential costs are so high. Will you be able to maintain the premium costs so that you are protected from the cost of a disaster? What level of deductible is acceptable for your needs?

Does the provider actually cover all situations you risk facing? Cybersecurity costs span a wide, wide range. Let’s say you were to suffer a breach…not only will you need to pay to have the root cause sniffed out and eliminated, but there are also the legal fees that will likely be involved, the costs associated with the notifications you legally need to make to your contacts, the PR expenses needed to preserve some aspect of your reputation, and the credit monitoring services for those affected that are all included under the umbrella of cybersecurity costs. In order to cover your bases, you need insurance that can be used to offset all of these costs.

We can help you determine what level of cyber insurance is appropriate for your business, helping you find a provider that helps you cover these needs. Find out more by calling 020 8626 4485.

Two Basic Means of Keeping Hackers Away
Tip of the Week: Freezing Panes in Your Excel Spre...
 

Mobile? Grab this Article!

Qr Code

Tag Cloud

Security Technology Business Computing Productivity Network Security Cloud Best Practices Tip of the Week Business Managed IT Services Data Backup Data Hackers Data Recovery IT Services IT Support communications Hosted Solutions Disaster Recovery Software Innovation Privacy VoIP Backup Cybersecurity Malware Mobile Devices Small Business Efficiency Internet Saving Money Email Business Continuity Cloud Computing Computer Phishing Collaboration Hardware Business Management Outsourced IT Microsoft BDR Automation Information Technology User Tips Ransomware Productivity Smartphones IT Support Compliance Internet of Things Users Workplace Tips Workplace Strategy Quick Tips Smartphone Server Artificial Intelligence Communication Upgrade Risk Management Wi-Fi Mobile Device Management Network Managed IT Mobility Managed IT services Budget Training Spam Meetings Employee-Employer Relationship Covid-19 Gadgets Passwords BYOD Managed Service Provider Google Save Money Wireless Mobile Device Networking Human Resources Remote Avoiding Downtime Password Document Management Android Printing Windows 7 Remote Workers Social Media Microsoft Office VPN Remote Computing Chrome History Hosted Solution Router Instant Messaging Firewall Content Filtering Computers Data Management Cost Management Windows 10 Project Management MSP Monitoring Information Managed Service Virtual Private Network Help Desk Time Management Remote Work Video Conferencing Laptop Marketing Recovery Telephone Systems Government End of Support Hacker Personal Information Hard Drives Solid State Drive Current Events Encryption Battery Automobile Telephony Big Data Audit Office Employer-Employee Relationship Value Saving Time Data Breach Data Storage Data Security Mobile Software as a Service Conferencing Redundancy Maintenance Devices Tech Term Proactive Computing Wireless Internet Hybrid Cloud Business Technology Printers IT Service Machine Learning Paperless Office Backup and Disaster Recovery Voice over Internet Protocol Mobile Office Manufacturing Customer Relationship Management AI Printer Managed Services Mobile Computing Proactive IT Social Engineering Transportation Going Green Browser Applications Private Cloud Operating System iPhone Health Windows Money Facebook Administration Colocation Windows 10 Advertising PDF Apps Legal Wireless Technology Flexibility Update Cybercrime Black Market Virtualization Shadow IT Disaster Education Application Save Time Work/Life Balance Office 365 Antivirus Holiday Entertainment HIPAA Phone System Analytics Electronic Medical Records Cleaning Two-factor Authentication Hacking Smart Technology Vendor Management Samsung Company Culture App SaaS Upgrades Vulnerability The Internet of Things Dark Web Nanotechnology OneNote Business Intelligence Managed IT Service Data Protection Commerce Regulation Professional Services Travel Word Apple User Error Data Loss File Sharing Storage Lifestyle Evernote Workers Spyware intranet Blockchain IoT Analysis Chromebook Smart Tech Connectivity Streaming Media Content Filter Management Financial Technology Gamification Students Unified Communications Remote Monitoring Wasting Money Amazon Virtual Assistant Alexa for Business WPA3 File Storage Bandwidth Vendor Telephone Utility Computing Payroll SMB Downtime E-Commerce Payment Cards Break/Fix e-waste Employees Smartwatch Development Azure Active Directory Windows Server Cybersecurty Window 10 Online Storage Fiber Optics Windows Server 2008 Copiers Voiceover Internet Protocol Business Telephone Computer Repair Troubleshooting CRM Workstations Outsource IT PCI DSS Regulations Compliance Cost Remote Working Leadership Bitcoin Finance Infrastructure Videoconferencing Streaming Customer Service Copier Authentication Hiring/Firing RMM Windows 11 Cabling Going Paperless Inventory Management Employer/Employee Relationships Outsourcing How To Microsoft Outlook Files Regulations Paperless Solutions Microsoft 365 Strategy Consulting Decision Making Ergonomics Signage Customer Experience Robot Google Drive Miscellaneous Alert Law Enforcement Reputation Social Relocation Search Internet Exlporer Text Messaging Office Tips HaaS Video Games Scalability Humor How To Best Practice USB Virtual Reality Managing Stress Point of Sale Identity Theft Worker Commute Politics Experience Music Books Safety Emergency Worker Scam Computer Accessories Charger Computer Care Unsupported Software Television Business Strategy WiFi Unified Threat Management Consultant Touchscreen Emails Webinar IT solutions Windows 10s Hard Disk Drive iOS Computer Fan Root Cause Analysis Augmented Reality CrashOverride Settings Screen Mirroring Cast HBO IT Management IT Solutions WIndows Server 2008 Patch Management Outlook Shortcut Excel Sync Adobe Licensing Tablets NFL Windows Ink Google Maps Google Docs Microsoft Excel Sports Cortana Legislation Comparison Specifications Sales Retail Gifts Credit Cards FAQ Wireless Charging WannaCry Updates Microsoft Word eWaste Device Security Tech Support Fraud Edge Ciminal IT budget Identities Language Virus Websites Data Theft App store Mobile Security Identity Data Privacy Hard Drive Google Assistant Twitter Computer Forensics Gmail PowerPoint Memory Financial Bring Your Own Device Testing Camera Projects Display Co-Managed Services Hyperlink Wasting Time Accessory Peripheral Access Control Admin Keyboard Shortcuts Security Cameras Employee 5G Medical IT YouTube OneDrive Sabotage PC Server Maintenance Investment ROI Windows Server 2008 R2 Micrsosoft Digital Signage Processor Benchmarks Myths Threats Scams Managed Services Provider Facebook Privacy eCommerce Holidays Inventory Communitications Hosted Desktop Smart Devices Keyboard Net Neutrality Internet Service Provider Workstation Telework Audits Solutions Policy Procedure Organization Innovations Reviews Biometrics Computer Tips Work Windows 8.1 Voice Supply Chain Environment Workplace Strategies Print Management Healthcare SSD Remote Management Telephone System Print Database 2FA Virtual Desktop Proactive Management eSignature Cyberattack Cameras Digital Cameras Mixed Reality Displays