Cyber Insurance

Yesterday (28th June) marked National Insurance Awareness Day. Insurance policies and companies play a big part in our lives, from personal insurance, which covers residential, life insurance, and cars, to corporate insurance which covers indemnity and death in service etc.

One type of insurance which has seen a marked increase in demand in recent years is Cyber insurance. Several of our broker clients have informed us that they have seen a significant surge in these policies; however, many companies both large and small do not always understand the issue of how much coverage they need.

We have also found that clients often think that proactive security is not required once they have insurance cover. We give an example of when taking car insurance; you don’t drive your car at 100mph and be reckless, so you should do the same with security for your data.

Always be proactive with data security and avoid thinking, ‘we’re fine; we have insurance cover’.

Yes, insurance is important and in most cases will cover the costs, but reputationally a serious data breach will be highly detrimental to your company and business.

For advice on all security matters contact us at @Valkyrie – E: T: +44 (0) 2074 999 323

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