In a world where cyber threats are both varied and constantly changing, cyber insurance can help your organisation to get back on its feet, should something cyber-related go wrong.
As well as minimising business disruption and providing financial protection during an incident, cyber insurance may help with any legal and regulatory actions after an incident.
When purchasing an insurance policy, it is important to identify which attacks you are most likely to encounter and their impact, ensuring the policy covers such scenarios.
The British Insurance Brokers’ Association has recently launched a new cyber insurance guide to help small and medium size businesses understand the prevailing cyber risks and the protection and support given by cyber insurance, which can be viewed here:https://www.biba.org.uk/press-releases/biba-and-cfc-come-together-to-highlight-why-businesses-need-cyber-insurance/
Some insurers offer discounts if your organisation already has recognised cyber security defences in place (such as those certified by Cyber Essentials, or Cyber Essentials Plus) – so it will be important to ensure that your broker is aware of these.
As well as potentially lowering your premiums, completing schemes such as CE or CE Plus demonstrate to your customers, partners and suppliers that you take cyber security seriously, and for this reason should be considered even if you don’t intend to take out cyber insurance.
For further guidance on managing cyber incidents, and / or support providing information about your security controls visit the NCSC guidance on understanding and managing cyber risk or speak to a member of the NERBC at [email protected]
The NEBRC is a non-profit organisation that seeks to educate, inform, and support businesses to stay safe against cyber-attacks and fraud.