What is Cyber Insurance and Why Do You Need It?

4 April 2017

All businesses have a duty to keep data secure, and the ramifications of not doing so can cause severe legal, financial and damage to your reputation.

What is Cyber Insurance and what does it cover? 

Cyber insurance covers the losses relating to damage to, or loss of information from, IT systems and networks. Cyber insurance covers the losses relating to damage to, or loss of information from, IT systems and networks. Policies generally include significant assistance with and management of the incident itself, which can be essential when faced regulatory enforcement.

Cyber insurance will generally fall into first party and third party risks.

First Party insurance can include,

• Loss or damage to digital assets such as data or software programmes
• Business interruption from network downtime.

Third party insurance covers the assets of others, typically your customers. This can include,

• Security and privacy breaches, and the investigation, defense costs and civil damages associated with them.
• Multi-media liability, to cover investigation, defense costs and civil damages arising from defamation, breach of privacy or negligence in publication in electronic or print media

Why do you need it? 

As a business of any size, it is likely you will rely on information technology (IT) infrastructure to some degree.  If so, you will be exposed to the risks of business interruption, income loss, damage management and repair if IT equipment incur systems fail, or are interrupted.

How can Hazelton Mountford help you?

HM work with a number of A rated insurers to provide you with the right cover to suit your business, whether its first or third party, or both. With our years of experience we can identify what your business will need and can advise you what product would suit our company best. We deal with all different types of businesses, whether it be large or small. We understand that all businesses matter and we want to make sure you get the best service and value for money when it comes to keeping your company safe.

If you have any further enquiries, or would like anymore information regarding our services please call us on 01905 611951 or email marketing@hazeltonmountford.co.uk