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What is Cyber Insurance?

Often the most common shortfall for businesses is a lack of suitable cyber security insurance coverage. We find that most businesses underestimate or misunderstand the necessity for a correct level of protection, cyber insurance is not just for IT companies or larger businesses. 

In fact, UK small businesses are targeted on average 65,000 times a day with cyber attacks (Source: Hiscox). The smaller infrastructure of these types of organisations make them especially vulnerable, as keeping your databases and servers secure is often left to the internal team in the absence of a dedicated IT department. 

As well as the negative effects and inconvenience of having your data breach it can also mean you violate GDPR regulations. As the owner of customer data, it is your responsibility to keep this sensitive information safe. Any breach that leads to the exposure of client information could leave you culpable. 

Costs as a result of a cyber breach can vary, however, the average cost of a breach is $3.2 million when all global attacks are equated (source: IBM). Correct cover is therefore essential and can help mitigate the potential costs involved with a cyber-related breach.

You should particularly have a Cyber policy in place if you:

Crisis Containment

Reputation can be everything to a business, and once tainted it is hard to get back. If a hacker is successful in stealing data or information from your business, your cover will provide you with specialists to help minimise the reputational damage to your business. The quicker you notify your Insurer of a breach, the better they can contain the damage.  

Social Engineering

Fraudulent emails coming into your inbox may seem outdated, but methods of obtaining your information have never been more sophisticated. Scammers can now analyse your inbox and pose as your most common contacts, giving a sense of false security and potentially opening up sensitive information. 

Cover For Ransomware

If you suffer a breach, you may be held to ransom for a large sum of money. In which case, if you have the correct cyber security policy in place and have met all the sufficient conditions, your Insurer will pay the ransom on your behalf. They will also perform a site analysis to check if the hackers have left anything behind and if they can get in again.

Telephone Hacking

Often thought of as a traditional scam, phone hacking in the form of premium rate scam numbers still exists. A cyber policy can help you in the form of paying these bills on your behalf.

We aim to provide you with first class service at all times.

Do I Need Cyber Security Insurance?

While most businesses have an increased awareness of the importance of cyber insurance, there is still a great degree of misunderstanding in terms of what level of policy is necessary. In fact, many businesses lack the correct level of coverage for a cyber attack, leaving them exposed.  

You should have a cyber security policy in place if you: 

  • Take card payments  
  • Hold sensitive customer data such as names, addresses, emails, banking information 
  • Are reliant on computer systems to conduct business 
  • Have a website or app  
  • Have staff who utilise email daily

The best form of defence against a cyber attack is to protect yourself with knowledge, procedures, software and an insurance policy that offers security, guidance and support.

Why Tasker?

We’re on hand to guide you through the process of getting the correct coverage.ome of the factors we consider about your business when defining your policy needs include:

  • The amount and type of confidential, personal or sensitive data you hold – both for your clients and employees 
  • The size of your business  
  • Your dependence on computer systems

Find The Right Cyber Security Insurance For You

With our brokers, you can be confident in that your cyber claim will be dealt with in a respectful and efficient manner by our team.

For more information on our cyber insurance, simply contact the team on 01455 501 288. Alternatively, you can request a call back below. Our team will be more than happy to discuss your policy needs and answer any questions you may have.

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    We take the time to fully understand the DNA of how your organisation operates by visiting you in person to fully review all the varying exposures within your business and provide guidance, risk management advice and look at any gaps or exposures in cover you may have and implement an insurance solution designed to meet your needs.

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                    • IMPORTANT UPDATE FROM LLOYD’S

                      Lloyd’s is proposing to transfer certain EEA insurance policies to Lloyd’s Brussels. The proposed transfer will not change terms and conditions of any policy, except that Lloyd’s Brussels will become the insurer and Data Controller in respect of the transferred policies.

                      Further information about the proposal (including whether it could affect your pre-transfer position), which policies are transferring, your rights and what you need to do can be found at www.lloyds.com/brexittransfer

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