Do I need cyber liability insurance?
If your business handles sensitive customer data such as names, addresses, or banking information, or you are reliant on computer systems to conduct your business, you should be protecting your customer data as this could be compromised in the event of a security breach.
Some people feel that their business is too small to warrant investing in cyber liability insurance, however, according to a report by the Federation of Small Businesses, two-thirds of their members were victims of cyber-crime between 2014 and 2016. Our cover is designed for businesses with an annual income of up to £10 million, meaning that it can be tailored to suit your needs even as a small business.
Most importantly, you need protection against the financial loss that you will suffer if your customers' personal identifiable information (PII) is lost, stolen or leaked. From April 2018, the General Data Protection Regulation (GDPR) means a company can be fined up to €20 million or 4% of its turnover (whichever is the higher figure).