What is Cyber Insurance?
Cyber Insurance sounds very complicated but just think of it the way you would think of any other insurance. Would you be happy to have good locks, a fire and theft alarm but leave your house uninsured? Would you have sufficient funds to rebuild your house if it burned to the ground? Most of us have Antivirus protection and more on our computers, but do we insure their contents?
What could possibly go wrong?
We all immediately think of financial losses from criminals. They access our bank accounts and credit cards through our various gadgets. But we need to be aware of many other methods both subtle and obvious.
Because the issues are intangible, it does make it more difficult to identify where the losses may arise. Ultimately all the consequences are financial. Very briefly the main risks are;
- Liability to your clients for any losses they incur as a result of your negligence or loss of their data
- Theft of funds
- Employees causing a data disclosure
- Notification to clients and the Data Protection Commissioner in the event of data loss (extremely expensive)
- Costs of legal advice and representation in connection with a data protection investigation
- Loss of Reputation
- Fines from Data Breach
So what do you get with Cyber Insurance?
Not only do you get Insurance cover in the traditional sense, but you also get assistance from Professional consultants. They will help you mitigate the loss and get you back up running. So, some of the things that will be provided in addition to the items above are;
- A cyber incident response team to assist you in the event of being hacked
- Expert assistance after a data breach to help restore your systems and firewalls thus enabling your business to get back to normal
- The costs of professional fees included in determining whether electronic data can or cannot be restored, recollected or recreated
General Data Protection Regulations
I am sure everyone is aware by now that from the 25th May 2018 the EU has introduced strict new measures known as the General Data Protection Regulations (GDPR) to protect individuals with new rules and large penalties for any organisation handling the personal data of any EU individual.
The Data Protection Commissioner has been employing a large body of staff in preparation for the new regulations so, WATCH OUT!!
For more information on GDPR click here to go to the Data Protection Commissioner’s Website.
THE GOOD NEWS
The best news of all that often the cost of cover for Cyber Insurance can be arranged from as little as € 350 for large limits of cover. If you follow the news on these matters you will see that the losses from Cybercrime and fines can be very large, so this is money well spent.
Contact Nigel Dickson at ProActive Solutions either on 041 68 58 400 or at firstname.lastname@example.org
You can also read more from us on our News pages at Cyber News