Chief Underwriting Officer
As mentioned in The Times today, our resident insurance guru and co-founder Ben Rose explains the complexities of insuring against cyber risks.
When designing cyber cover, insurers must take into account not only a business's liability to its customers, but also potential impacts on the business itself.
Ben advises, "While the client's customers may find their finances, IP or reputation under threat due to a leak of personal details or commercially sensitive information, the business itself also has to consider issues such as website downtime, loss of sales and long-term reputational damage. The cumulative cost of all these issues can make cyber insurance particularly complex."
Exposure is usually calculated on a per record cost, where for every record the client holds there is a cost based on all the aspects of the response plan required, such as notification costs, a customer service helpline, credit checks and IT forensics costs. As a result, specialist advice should be sought, to ensure you have the right level of protection to cover all eventualities.
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- 18 October 20218 minute read
The threat of cybercrime is rising and can affect all businesses, large or small. Read our guide to how retail business owners can protect their shops from digital threats.