Exposure to business interruption caused by cyber risks has grown for a number of reasons in recent times including an increasing reliance on electronic systems to conduct business with both internal and external networks.

Despite increased awareness around cyber risk, organisations are still failing to manage their exposure, with breach of customer information and business interruption presenting the greatest concern.

The term “cyber liability insurance cover” is often used to describe a range of covers – in very much the same way that the word cyber is used to describe a broad range of information security related tools, processes and services.

Ransomware.  Insurance is available to protect you if a hacker tries to hold your business to ransom by covering  the ransom you have paid, as well as the services of a leading risk consultancy firm to help manage the situation.

Breach costs. Insurance is available to provide practical support in the event of a data breach (electronic or otherwise) including forensic investigations, legal advice, notifying customers or regulators, and offering support such as credit monitoring to affected customers.

Cyber business interruption. Insurance is available to provide compensation for loss of income, including where caused by damage to your reputation, if a hacker targets your systems and prevents your business from earning revenue.

Hacker damage. In the unfortunate event of an attack, having the right cover in place will reimburse you for the costs of repair, restoration or replacement if a hacker causes damage to your websites, programs or electronic data.

Crisis reputation management. Following an attack expert support can be provided to mitigate reputational damage. In the event of a data breach, prompt, confident communication is critical to help minimise the damage to a company’s reputation.