Why Brunel PI?
Business in this era is pretty much exclusively operated electronically, using computer systems and online platforms, but there continues to be a reluctance from many to purchase Cyber Insurance cover. Brunel PI Brokers are experts in Cyber Liability and the cover that’s available in the market.
A common misconception is that if you have an IT provider or cloud-based IT solution then the onus for cyber protection is on them, but a business is responsible for its own cyber security, so understanding the threats, and where you may have gaps in your protection that an insurance policy can cover is essential. As an example, if your cloud-based system experiences a cyber-attack, your business may suffer significant business interruption, recouping losses can be difficult. Should your cloud service provider have a data breach, you are still responsible for your own data and will be liable for any financial losses occurred as a result.
32% of UK businesses reported suffering a cyber attack or breach in 2023, so the notion that cyber threats are exclusive to large corporations or governments like we have all seen in the news is a false narrative. Cyber insurance is an essential extra layer of protection for your business and Brunel PI Brokers can help.
What is Cyber insurance?
Cyber insurance is a policy cover that is designed to protect individuals or businesses from modern threats of the digital age, particularly damage to or loss of information from IT systems and networks.
What does Cyber insurance cover?
- Data recovery following a security breach
- Investigating cybercrime
- Extortion payment demands by hackers
- Costs of notification – particularly useful should you have to notify third parties
- Reputation damage – most cyber policies help in communicating issues to third parties who may also be affected
- Restoration of computer systems
- Cyber business interruption can be negotiated
- Cover for money held electronically can be negotiated
