Protect your Business Data with Cyber Insurance
The pandemic has increased our reliance on technology and companies are relying on digital solutions more than ever. As a result, the risk of cyber attacks has increased. Cyber insurance can help businesses get protected in case of the unforeseen.
Rising Cyber Threats and Why they Matter
In 2020, the Cyber Security Agency of Singapore (CSA) reported an increase in cyber threats . 2021 was no different as data leaks affecting local
organisations are still apparent.
Cyber attacks can affect a business negatively, such as causing loss of customers and revenue due to compromised trust. In addition, businesses can be liable for damages caused by third-party data loss or theft.
What can you do to Protect your Business?
Responsible data protection can help reduce cyber threats. Besides investing and maintaining good data protection systems, be sure to also conduct regular training to educate employees on best cybersecurity practices.
Another way is to insure your business against the unforeseen. Cyber Insurance, also called cyber liability insurance or cybersecurity Insurance, covers businesses against losses from cyberattacks when their digital systems fall victim to hackers.
Areas that Cyber Insurance can Cover:
- Business interruption loss due to a network security failure/attack, human errors, or programming errors
- Data loss and restoration, including decontamination and recovery
- Incident response and investigation costs
- Delay, disruption, and acceleration costs due to business interruption
- Crisis communications and reputation mitigation expenses
- Liability from failure to maintain data confidentiality
- Liability from unauthorised use of your network
- Network or data extortion / blackmail (where insurable)
- Online media liability
- Regulatory investigations expenses
How can Cyber Insurance Help?
With the government looking to invest $50m over 5 years to build digital trust, digitalisation will continue. While companies may have existing business insurance, they may not be catered towards supporting digital risks.
Cyber Insurance helps businesses reduce interruptions caused by digital threats. They can also benefit from liability coverage when customer data is affected.
As an insurance broker, we represent clients to provide the best policies suited to their needs.
Speak with us to protect your business data with Cyber insurance.