28 August 2024

Cyber liability insurance

By Malcolm Stewart Commercial Manager
Illustration of a marina with several sailboats and motorboats docked alongside a wooden pier, next to a building.

Protect your business online

In today’s digital landscape, no matter what your business is, you will be increasingly reliant on technology to operate. From bank accounts to invoicing, customer data to emails, we all interact online in some aspect and are therefore at risk of cyber threats, making cyber liability insurance an ever increasing critical requirement in the risk management strategies of modern marine trade businesses.

Cyber liability insurance covers you against the financial impact of accidental interference and cybercrimes.  From human error to data leaks, phishing scams or malware viruses, a cyber threat can disrupt your operations, damage your reputation and leave you open to legal action, resulting in significant financial losses. Cyber liability insurance provides coverage for the expenses associated with these incidents. For example, if your company experiences a data breach, cyber liability insurance can cover the costs of investigating the breach, notifying the impacted customers, and providing compensation. It will also cover the cost of legal fees if your business faces a lawsuit  for the breach. This provides you with peace of mind and a financial safety net if such an attack occurs.

Whilst the majority of cyber incidents stem from external sources, all too often they can be the product of a disgruntled employee leaking data or from simple human error. It only takes thinking about the crew member who accidentally left one of the hatches open on the superyacht Ethos to realise that everyone can make expensive mistakes; the same occurs online. There are also numerous cases of hackers obtaining access to company emails and authorising payments from the MD’s email account to the accounts department to realise how easy it is to fall victim in a cyber attack. Cyber liability insurance helps businesses navigate these challenges by covering costs related to the incident and ensuring peace of mind.

When selecting a cyber liability insurance policy, it’s essential to assess your specific risks and coverage needs. Consider factors such as the size of your business, reliance on technology to operate, the volume and sensitivity of the data you handle, and your existing cybersecurity measures. If you are part of a supply chain, it may be a legal requirement of your contract to ensure you have cyber liability insurance in place. Collaborating with one of our experienced marine trade insurance specialists means that we can tailor a policy that addresses your unique risks and provides the right protection for your business.

In an era where data breaches and cyber-attacks are continuously evolving, a cyber liability insurance policy offers peace of mind and financial protection to ensure your business can recover from a cyber incident.

 

Call the team today to arrange your business review.

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01905 930 760
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