Cyber Insurance
Cyber Insurance –Does your business use technology? Do you hold personal information for your clients? Your Staff? Your Suppliers? Would you be surprised to hear that 70% of Irish Companies have suffered from Cyber attacks? According to the insurance company HISCOX, there has been a 22% increase in the frequency of attacks when comparing 2023 to the previous year. Have you protected yourself and your company with Cyber Insurance or know why you should have it?
Whilst the large scale hack attacks on the news often involve big companies, small companies are also at risk and often don’t have the financial resources to get back on track after a hacking attack or other kind of data loss. In fact, over a third of global targeted attacks are aimed at businesses with less than 250 employees. Cyber-attacks are quickly becoming one of the greatest risks faced by smaller companies, making cyber insurance a must. It can help protect smaller companies against the potentially crippling financial effects of a privacy breach or data loss. Half of those companies impacted by cyber attacks in 2023 said that it cost them below €10,000. But why risk having to pay that when you can insure against it for a much smaller premium amount?
Most businesses would agree that data or information is one of their most important assets. It is almost certainly worth many times more than the physical equipment that it is stored upon. Yet most business owners do not realise that a standard property policy would not respond in the event that this data is damaged or destroyed. A cyber insurance policy can provide comprehensive cover for data restoration and rectification in the event of a loss no matter how it was caused and up to the full policy limits. How much is your business reputation worth? Cyber insurance can not only help pay for the costs of engaging a PR firm to help restore this, but also for the loss of future sales that arise as a direct result of customers switching to your competitors.
Some Examples of what Cyber insurance can cover you for:
- Hacking
- Viruses
- Denial of service attacks
- Content creation and dissemination
- Electronic commerce
- Advertising & promotion marketing
- Intellectual property
- Internet services
- Multiple media activities
For further information regarding Cyber Insurance and what we can cover, please click HERE.
Click HERE for the full Irish independent article on the HISCOX report, or HERE for the report itself
Contact S.A. Faughnan (Brokers) Ltd. on 01 8245555 or at newbusiness@safaughnan.ie or visit us at www.safaughnan.ie
