In this episode of the Smarter Building podcast, we caught up with Dr. Stephen Hamil, Innovation Director at NBS, to gain insights into the future landscape of the construction industry and the upcoming trends in 2024.
What is Cyber Insurance and why it is important for your business?
Along with ensuring your business is as secure as possible, it is recommended to also consider Cyber Insurance no matter the size of your business to cover you in the event of a cyber incident.
What is Cyber Insurance?
Cyber insurance, also known as cybersecurity insurance or cyber liability insurance, is a type of insurance coverage designed to protect businesses from financial losses and liabilities resulting from cyber-related incidents, including data breaches. Insurers will normally provide support to keep your business running through an attack as well as providing financial compensation where possible.
What does it cover?
Cyber insurance can cover many different scenarios and offer different services depending on your policy. Common items covered Cyber insurance policies are:
- With threats rising and the complexity of threats, often cyber investigations, and potentially computer forensics needs to take place to identify the cause, damage done and remediation steps.
- Meeting extortion demands from a Ransomware attack. Should the need to pay any demands be required, this is often coved by your policy.
- Recovering lost data. If any lost data is discovered, either altered or stolen, all attempts of ensuring the data is recovered may be covered by your policy.
- Legal cover. You are often covered in the event of legal action be required after a cyber breach.
- Business income loss. Policies often cover the income loss and mitigation costs during any downtime due to a system failure or cyber incident.
Who needs cyber insurance?
With the increase of cyber-attacks occurring daily, the chances of a cyber incident in your business inherently grows. Putting in the best security measures reduces the risk but does not guarantee you are protected. This does mean that all businesses should consider Cyber insurance, no matter the size. Smaller businesses are often less equipped to deal with cyber incidents themselves, and as such cyber insurance may be even more important to your business.
Where can I obtain Cyber insurance?
Symetri cannot offer cyber insurance, but there are many insurance providers that can assist and may also be an add-on to your existing business insurance policies. Should your organisation obtain cyber essentials accreditation you may also be eligible for insurance as part of the application. More information on this can be found here.
How can Symetri help?
Although we cannot offer cyber insurance, if you would like to discuss the security of your business one of our IT experts may be able to offer advice. Depending on the services required, Symetri may refer you to a security specialist.