Cyber Insurance is becoming a necessary purchase for almost every business around the world.
Cyber Insurance is designed to protect businesses against the financial loss resulting from a range of cyber threats and exposures, including cybercrime, data breach and system interruption, most of which is not covered under a traditional insurance policy, such as property insurance.
Since the lockdown in 2020, many companies have seen attempts to infiltrate their systems increase and no matter how good the protections in place, one click on a spam email or link can see your systems exposed to ransomware or your data breached. Ransomware was under the spotlight in 2020, often due to the ransom demands attached to such attacks and notifications to European regulators have seen notifications of GDPR breaches increase by 19% in the last 12 months, according to DLA Piper.
To discuss your risk and potential Cyber Insurance needs, please contact us.