The latest cyber insurance statistics make it clear that businesses can no longer afford to ignore cyber security.
You know you need cyber insurance. But not all cyber insurance policies are created equally. How can you be sure you’re getting a policy that’s right for you?
In this post we’ll discuss what to look for in cyber insurance to ensure you get the cover you need at a price you can afford. And if you ever want to discuss your cybersecurity risks, we have a team of experts on hand to help. Call us on 0208 290 9080 or email us at cyber@anthonyjones.com.
What Makes a Good Cyber Insurance Policy?
You might already have a certain level of cyber insurance cover as part of an existing insurance policy. For example, a business interruption policy, or a property insurance policy, might offer some cover for some losses associated with cyber breaches. But the first thing you should know is that a good cyber insurance policy is a dedicated, standalone policy.
Even if you have some cyber cover as part of a different policy, it’s highly unlikely that this policy will give you full cover for all the cyber risks your business faces.
A dedicated business cyber insurance policy will give you a wider breadth of cover, meaning it will cover more risks to your business, with little to no exceptions. It will also set higher cover limits, which is particularly important given the rising costs of cyber insurance claims.
Read more about why your business needs a standalone cyber insurance policy.
What Does Cyber Insurance Cover?
A good cyber insurance policy will cover your business both during and after a cyber security incident:
During an incident, a good cyber insurance policy will offer round-the-clock support for any assistance you might need, whether that’s in restoring or securing systems, managing ransomware attacks, or recovering lost data or assets.
After an incident, a good cyber insurance policy will cover you for any legal or regulatory actions you may need to take – for example, in providing ongoing support to any individuals who may be vulnerable to identity theft as a result of the incident.
What are the Most Important Things to Look For in a Cyber Insurance Policy?
Look to the limits
Like all policies, cyber insurance policies will set certain limits to the cover. They will specify the maximum amount the insurer will pay out in the event of a claim. The higher the limit, the more you’ll pay for cover. You might be tempted to set a lower limit so as to save money on your policy. But given the severity of settlements appears to be rising all the time, you should aim to get as high a limit as you can possibly afford.
Pay attention to the exceptions
Even standalone cyber insurance policies may specify certain exceptions – situations and events that they will not cover. It’s important that your cyber insurance meets all your needs, so make sure that any exceptions in your policy won’t leave you vulnerable to underinsurance.
Support during an incident may be more important than settlements after an incident
Cyber breaches put businesses through hell. The insurance payout will simply be the last part of the equation. But you’ll have to endure a lot of pain to ever reach this stage. So while a policy’s insurance indemnity is important, it’s much more important that you get cover for fast and reliable support for your business throughout a cyber breach incident. This means dedicated helplines and specialist risk assessment services to help make your business as resilient as possible.
Need Advice or Support With Your Cyber Insurance?
Talk to us and we will help you understand not only the potential cyber risks you may face, but also how to choose a cyber insurance policy to help protect against these risks.
If you want to discuss your cybersecurity needs, we have a team of experts on hand to help. Call us on 0208 290 9080 or email us at cyber@anthonyjones.com.
