Posted on October 21, 2013
What would happen if a virus destroyed your company’s data and caused a period of downtime? Would you have the cash reserves to cover the lost data and restore the system?It should not be taken for granted that your existing insurance arrangements will cover cyber risks. Following the increasing reliance by many companies on their IT infrastructures, cyber insurance has been specifically developed to cover various security threats to networks which could include the following:
Virus damage – if a virus destroys your system, a cyber policy can respond in order to help you rebuild your computer system following damage and assist with the restoration of data.
Theft of data – if a hacker steals your personal client information, an insurance policy could cover any compensation that you subsequently have to pay.
Hacker attack – if your website is damaged following a hacker attack, an insurance policy could provide a pay out in respect of repairing your system.
Online identity fraud – if a fraudster enters into an agreement on your company’s behalf using your online identity, cover could be provided to assist with costs incurred.
For more advice on this subject please call us on 01252 717303.