Why should you buy cyber liability insurance?
- Data can be one of the most important assets of your business.
- Standard property insurance policies do not cover data loss.
- System downtime is not covered by a standard business interruption policy.
- Cyber-crime is the fastest growing crime in the world, projected to grow by 500% in the next 3 years.
- Your business can be held liable if you lose third party data.
- Your business could face severe penalties for losing credit card data.
- A data breach could damage your company's reputation.
- The usage of social media platforms are constantly rising with a steady increase of claims.
- With the evolution of portable devices, the risk of losing data has been greatly increased.
- A small business may not have the financial resources to recover from a severe data loss.
Contact SEIB for more information on 0345 873 4926
Think that your business is insured against cyber-crime?
Think again, most business policies exclude financial losses following non-physical damage which means that unless there is some form of property damage, financial losses caused by internet enabled crime are not covered.
SEIB can offer a dedicated Internet Enabled Crime Cover that addresses the key risks faced by clients. This cover is designed to protect your business from the financial cost arising from internet enabled crime.
SEIB are not just providing compensation, but also providing advice to help clients successfully manage any data or security breach that may occur. The insurance policy can cover:
- Support for cyber extortion.
- Cyber business interruption costs.
- Information and communication asset rectification costs.
- Privacy liability.
- Privacy breach notification costs.
- 24 hour advice line to aid in the prevention and management of security data incidents
Clients are able to purchase Internet Enabled Crime Cover in the form of extensions to traditional policies such as a commercial combined policy or as a standalone cover.