Cyber insurance is only for businesses that handle customer data
We go through the main misconceptions about cyber insurance our customers have that could hurt their businesses if left unchecked.
A message from Towergate Insurance
If your business has employees, it has sensitive data that can be exploited – bank details, home addresses, medical information, and more.
Additionally, if you do business with other vendors and conduct transactions, your business is in possession of sensitive data in the form of private account information.
We’ve got a good IT system, so we don’t need cyber insurance
Even the best IT security isn’t a substitution for cyber insurance, and nor is it designed to be.
Staggeringly, it’s estimated that up to 95% of cyber-attack incidents are due to human error*. It only takes one employee slip-up to cause a cyber crisis that could cost your business more than just money.
Our IT is outsourced, so we don’t need cyber insurance
This misconception assumes that the only cyber-attacks cyber insurance can help to protect against are those that breach IT systems, but this isn’t the case.
Even the most reputable IT companies have clauses in their contracts designed to protect them from liability should a cyberattack breach their defences and impact your business. Cyber insurance would utilise crisis management methods to preserve your reputation while ethically dealing with any customers impacted by the breach.
I’m covered for cyber insurance on a separate, general policy
The cyber world is developing rapidly, and that means the threats facing businesses will continue to advance. It would therefore be inadvisable to rest your business’s cybersecurity on a policy that neither understands nor covers your business from the sophisticated threats it faces, now and in the future.
Cyber insurance is too expensive
Just like any other form of insurance on the market, cyber protection varies in cost. There is no one-size-fits-all solution because different companies face different threats. Your cyber insurance policy should therefore be able to reflect your business’s individual needs.
Cyber insurance from Towergate
If you have any questions about how you can protect your business from a cyberattack, please contact James Anscombe on 07967850015 or james.anscombe@towergate.co.uk.
*www3.weforum.org/docs/WEF_The_Global_Risks_Report_2022.pd