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Do I Need Cyber Security Insurance?

We are living in a technologically-focused world, where everything is connected by a programme, application and device. Every day more and more businesses are becoming paperless, leaving everything for the online world. Now more than ever, people are turning their backs on traditional filing systems and paper documents. This is great as it is helping to save the environment and is making business processes much quicker and more streamlined.

So, what’s the downside? You may be wondering. With everything technologically connected, it’s becoming easier for hackers to break in and access all of your company’s sensitive data. This could be anything from the addresses of your employees, to important client payment information. This can shake the very core of your business and create an irreparable fundamental issue for you to deal with.

What is cyber security insurance?

Cyber security is perfect for business owners who share and store a lot of data within the business.If you fall into this category, then this is definitely something that you should be covering. Cyber security insurance essentially covers you if anything should happen to your online portal or data.

If your computers are hacked, cyber insurance acts as a safety net and covers any of the legal costs that can arise should anything go wrong. If your client’s sensitive data is breached, then you can find yourself and your business in turmoil, this insurance policy will help to do damage control for you!

GDPR:

As you may of heard, the GDPR was introduced in the UK and EU at the end of May this year. This is a regulation that enforces better data protection in businesses. Not only does this impact all UK and EU business, but also all businesses outside of these countries who deal with, work with and share data with will also have to comply.

If there is a data breach, strict sanctions could be enforced on your business, which could even result in the closure of your business. Now, more than ever, it’s important to make cybersecurity one of your top priorities as a business owner. Failing to do so could be catastrophic.

Protecting your data:

As a business owner, it’s important to make sure that you are protecting all of the sensitive data that is shared and stored online in the workplace. Be sure to do your research and make sure that you add sophisticated spyware, antivirus and anti-hacking software to your computers.

This will ensure that hackers are locked out of all of the important data and can give you piece of mind as a business owner!