While the Internet has been a very useful tool for business, it also has its risks. The accidental loss of or the intentional stealing of client data can inflict not only reputational damage on a business but can also lead to significant financial losses as well through compensation claims and regulatory fines. Cyber-insurance is an insurance product that can used to protect businesses and individual users from the financial consequences of such an event.
The cover provided by most cyber policies can be divided into two areas – first party covers and third party covers. First Party sections cover your own financial loss arising from a cyber event. Third Party sections cover you for liability actions against you arising out of a cyber event.
Even the smallest business now has an exposure to the risks associated with using the Internet and without a Cyber Insurance policy, even one data breach could be enough to shut a business down.
To discuss further please contact Helen Murphy firstname.lastname@example.org