As online hackers have become both more advanced and persistent in the way that they operate, even the largest and most trusted brands are susceptible to falling victim to these malicious breaches.
Worryingly, many businesses are under the impression that their public liability insurance policy will cover for any losses that are incurred during a cyber-attack, however unfortunately this is not the case.
So, in our latest blog post the dedicated team here at Sagar Insurances provide you with a guide on cyber liability insurance, information on how exactly data breaches occur and how the Sagar team can provide you with the ideal cyber insurance policy for your business.
To help you protect your business against a potential data breach, first of all it is useful to be aware of how they occur.
An online hacker must successfully complete several intricate steps before being able to access your businesses data. A breach will occur when a cyber-criminal completes these steps, and then infiltrates a data source to extract confidential information.
Before carrying out their attacks, online hackers conduct extensive research into identifying weaknesses in a company’s security. Once this is done, they will make their move by carrying out either a network or social attack.
A network attack is where cyber-criminals take advantage of weaknesses within an organisation’s infrastructure to infiltrate their network, whereas a social attack is where techniques such as phishing emails will bait businesses employees into giving the hacker access to the network.
After the method of infiltration has been achieved, the online hacker can then proceed to attack your company’s network and gather the confidential data that they require.
The sad reality is that your business could be a target for online hackers. Therefore, it is crucial that you have an insurance policy in place to protect your business should the worst happen, that’s where cyber liability insurance comes in.
Cyber liability insurance is the ultimate way to prepare your business for the aftermath of suffering a vicious data breach.
Having cyber liability insurance means that both the direct and indirect costs of suffering a data breach are covered, as well as giving you a greater chance of getting your systems back up and running in a quicker time following the attack.
Data breach insurance will also cover the costs for lost income and repair whilst trying to get your company back to its feet.
Your businesses data is your most important asset, so why wouldn’t you insure it? The team here at Sagar Insurances can help you find the perfect cyber liability insurance for your company.