What is now commonly recognised as a real threat to ALL businesses regardless of size,  Cyber Insurance protects businesses from financial and reputational losses due to cyber incidents. Cover typically includes;

• Data Breaches: Costs related to managing and responding to a breach, including forensic investigations, legal fees, and notifying affected customers.
• Cyber Extortion: Expenses from ransomware attacks, such as payments to unlock systems or data, and costs to resolve the incident.
• Business Interruption: Lost revenue and extra expenses due to downtime caused by cyberattacks, like system outages or network disruptions.
• Third-Party Liability: Claims from clients or partners for damages caused by a breach, such as compromised customer data or failure to protect sensitive information.
• Social Engineering: Various tactics to impersonate or gain access to information. E.g. Email Phishing. This is usually an optional extra in the policy.
• Data Restoration: Expenses to recover or replace lost or corrupted data and systems.

This insurance is vital for businesses handling digital data, especially in industries like retail, healthcare, or tech. As the digital space continues to evolve, this will begin to be a new ‘bare minimum’ standard recommend.

Subject to variations in insurers wording, exclusions and case specific endorsements.