Who should consider it?

Every business that has a website or electronic records is vulnerable to cybercrime or an accidental data breach – and the consequences of a cyber-incident can be very costly.

Depending on the situation, you may be up for the cost of ransoms or IT solutions to unlock and repair your systems. You could also be liable for the costs of reporting the breach, legal claims, and remediating any losses suffered by your customers or clients.

Remember, a cyber attack or data breach may cost your business more than just money. It could threaten your intellectual property, put your customers’ personal information at risk and cause major damage to the reputation of your company.

What can it cover?

Cyber insurance can help cover financial losses to your business, your customers and other parties following a cyber security breach.

This might include costs associated with:

• Loss of revenue due to interrupted business
• Hiring negotiators and paying ransom
• Recovering or replacing your records or data
• Liability and loss of third party data
• Defence of legal claims
• Investigation by a government regulator
• Copyright infringement
• Misuse of intellectual property online
• Crisis management and monitoring
• Prevention of further attacks

What isn't covered?

There are exclusions. There is also often a deductible or excess and limits on cover, so check with your Steadfast insurance broker.