What is Cyber Insurance?
Cyber protection insurance is a relatively new form of cover. It’s designed to help protect your business from the financial impact of computer hacking or a data breach.
Who should consider it?
If your business has a website or electronic records, you’re vulnerable to cyber hackers. In fact, its likely that your business will suffer a cyber attack at some stage.
A cyber attack could cost your business more than money. It could also threaten your intellectual property and put customers’ personal information at risk – which could damage your reputation.
What can it cover?
Cyber insurance policies vary in the benefits they provide. At Balance we can help you find the most suitable product that meets the needs of your business. To give you an idea, here’s the type of cover that your policy may include:
First Party Losses (You)
Third Party Loss (others)
What usually isn’t covered?
Exclusions and the excess you need to pay can vary greatly depending on your insurer. Policies generally won’t include cover for:
As with all insurance policies, the devil is in the detail……. so please do read the wording and schedules issued by your insurers. At Balance Advisors we are always here to help you navigate and review these policies so you have a good understanding of what your covered for. We are here to help!
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