The Essential Guide to Cyber Security and Cyber Insurance for Businesses
Cyber security and cyber insurance are some of the most overlooked areas when safeguarding and protecting a business. Yet cyber crime has continued to grow. In 2024 alone, half of all businesses and a third of all charities experienced a cyber breach. A cyber attack is, by far, the most common risk a business will face. Where the probability of a flood is one in maybe a hundred years, cyber attacks are experienced every week.
As a dedicated broker, our mission is to protect the future of our clients and to communicate the emerging threats that are most likely to affect their finances. Hence, at Romero Insurance Brokers, we have pulled together this whitepaper which lays out the dangers of cyber attacks. From the most common issues to emerging threats, we illustrate exactly what a business needs to do to best protect itself from cyber attacks and what actions to take in the event of a breach.
Content of this Cyber Insurance Whitepaper:
- The Rise of Cyber Threats
- What Do Cyber Criminals Want?
- The Difference Between Cyber Crime and Cyber Attack
- The Most Common Cyber Threats Emerging Cyber Threats
- What Businesses Can Do To Prevent A Cyber Attack
- What Businesses Should Do When A Cyber Breach Happens Cyber Insurance
- What Will Cyber Insurance Cover?
- Cyber Insurance From Romero Insurance Brokers
Read the Cyber Insurance Whitepaper
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Here’s a snippet…
Why is Cyber Insurance Important?
Having the right insurance means that, in the event of a cyber attack, you are protected. Cyber liability insurance will provide the support a business needs, taking the brunt of the financial hit that cyber criminals will deliver. Many standard business insurance policies will include mentions of cyber crime but as a package add-on, or as a subset of a different policy. Cover is often miniscule and insufficient, leaving you and your business underinsured considering the potential scale of the cyber attack.
Standard insurance policies which mention cyber losses will most likely not be able to cover the full extent of major cyber attack. If your network is unavailable, if you’re business can’t take payments or bookings, if data is lost or stolen and needs to be recovered – these are costly scenarios; each can do irreparable damage to your business’s reputation.
Comprehensive cyber cover is essential for businesses; it is necessary to protect against a wide range of vulnerabilities and circumstances. Cyber insurance arranged through a dedicated broker, not only provides the financial help in the event of a cyber attack, but also the resources needed to unravel the damage that’s been caused, and help the business get back on track.
What will cyber insurance cover?
Cyber insurance is there to cover the financial costs of losses due to cyber attacks. Paying for services to investigate the cyber crime will be covered as part of a comprehensive cyber insurance policy, alongside the cost of restoring the computer system and recovering lost data. The cyber crime may involve extortion and ransomware, in which case the payment and financial loss will be covered. Any legal expenses will be covered, as well as direct monetary losses following a breach. Businesses will require key reputation management when an attack occurs, the scale of which can be underappreciated; the expenses of public relations can be significant. Disruption to business practices caused by cyber losses will also be covered by your business interruption policy. Third party services are also covered, including damages incurred, settlements made and legal defence costs.
Some business will require higher levels of cyber insurance coverage depending on their size, scale and vulnerability – therefore the best solution is a tailored policy. Cyber insurance should be tailored to the business in order to ensure their specific needs are met and that the coverage limits are suitable. To understand the needs of your business and the apparent gaps, a cyber audit is required. Cyber audits are ideal at understanding the level of cover required and in identifying next steps.
Cyber Insurance by Romero Insurance Brokers
As an industry-leading dedicated insurance broker, Romero Insurance promises to deliver effective and comprehensive insurance policies for clients. Romero Insurance Brokers pledge to deliver the full package, with first-rate client services and an award winning claims team. Romero Insurance Brokers is best placed to deliver tailored cyber insurance policies.
We audit each of our clients to ensure they receive the best possible cover. We make our insurance policies transparent and understandable so businesses know exactly where they stand, while also keeping you updated on the latest industry news. In our experience, many businesses do not fully recognise the potential impact of a cyber attack, or if they do, they have rarely invested the resources adequately.
Our experts take the time to understand your business and what can be done to improve your protection. We firmly believe no two businesses are the same, and so we tailor our cyber insurance to your needs – no matter what sector you work in, our team have the experience and knowledge to keep you safe.
At Romero Insurance Brokers, we have a large dedicated claims team able to deal with any data breach cases. Our mantra is to treat customers exceptionally, and for handling cyber issues there is no better broker.
Contact us for a free, noncommittal, confidential review today.
