What is Cyber Protection Insurance? 19th July 2017

What is Cyber Protection 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.

To help explain cyber insurance, Steadfast have partnered with Kochie’s Business Builders to produce this short explainer video.

Why do I need it?

If your business has a website or electronic records, you’re vulnerable to cyber hackers. In fact, it’s 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.

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:

what does a cyber insurance policy cover?

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:

  • Damage to computer hardware
  • Criminal actions committed by you or your business
  • A cyber attack based on facts of which you were aware
  • Criminals using the internet to steal money from you

Don’t wait until it’s too late – contact your us today. We can explain how the cover works, and help you decide the right level of cover for your business