Cyber liability insurance: 5 areas of consideration

Cyber liability insurance is an area that is increasing in popularity, companies such as IASME are even offering free cyber liability insurance when taking out Cyber Essentials through their service offering.

Insurance, is a policy which is put in place to protect something of value to us, the business. As things change, the information which you use as well as the systems which run your businesses are all valuable assets. Is it time to start thinking about taking our Cyber liability insurance?

Below are 5 areas to think about.

  1. Are you doing best practice?

As with any insurance policy, if you aren’t doing the basics your chances of obtaining some insurance is going to decrease.  Implementing best practices through schemes such as Cyber Essentials and the IASME standard governance can help with these processes.

If you would like to know more about either Cyber Essentials and/or IASME standard governance, please get in touch with TeraByte to discuss further.  You can find our contact information at: https://terabyteit.co.uk/contact

  1. What does the policy cover?

One thing you will have to check when it comes to cyber insurance policies, is what does the policy cover.  What happens if you have hardware in your business that is no longer being kept up to date, or is now classified as obsolete, will you still be covered if these are breached?

  1. Cost

Like home, car and any other insurance policy that you may already have in place, the cost of a cyber insurance policy can differ greatly depending upon who you go with and what options are taken out.

Cyber insurance is based upon the likelihood of your business being breached, therefore the more best practices you have in place and the less out of date and obsolete systems running, the chances are the cost will be reduced.

  1. Do you need to provide evidence?

Due to the nature of the policy, check to see if you need to provide any evidence of having implemented best practices and controls, this could be implementing Cyber Essentials, IASME standard governance and even ISO 27001.

Check and make sure you can provide what are needed before going ahead with the policy, its potentially easier and less painful to have the evidence in place then trying to retrofit it in after the policy has started.

  1. Cyber security and cyber insurance goes hand in hand

With the ever-increasing nature of data breaches and cyber-attacks, implementing good cyber security within the business and having cyber liability insurance goes hand in hand. Not only does it protect your business, but it can also save your reputation with your customers and suppliers.

I hope this blog post helps and generates some thought about whether you will be taking out insurance for your business in the near future.  If you would like further information on Cyber Essentials, IASME or generally understanding the current state of your company’s security, please get in contact with us to find out more about our services and how we can help you.

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