Operating an online business in Surrey gives you access to a client base not only in your immediate area but also on a far larger scale. Not only this, but an online business also gives you the advantage of needing a far smaller business location- which means your Surrey base doesn’t have to include a client-facing office, and the rent will be lower for a smaller space. Though there are a number of advantages to operating an online business, there are a few things that you’ll need to take into consideration to ensure that your business operates safely and securely for both you and your clients.
Cyber insurance is essential for online businesses. This will cover the business and clients should any unforeseen online incidents occur. Here is the lowdown on cyber insurance for Surrey online businesses and how to choose the right package and provider for yourself.
The Importance of Cyber Insurance
Cyber insurance is just like any other kind of insurance. In short, it’s there to ensure that you’re covered should any unpleasant or unforeseen circumstances arise. Cyber insurance (also known as cybersecurity insurance or cyber liability insurance) helps business owners mitigate the numerous financial risks that come along with conducting business online. By paying a fee – be it monthly, quarterly or yearly- business owners claim the right to transfer some of their risk to the insurer. Compromised or lost data can cost a business a lot of money and, if the loss is significant enough, even its client base. Having protection against the financial risks that come along with that potential is the only way to ensure that your business will bounce back. Cyber essentials will give you peace of mind and cover your business for a very wide range of situations.
Who Needs Cyber Insurance?
The answer is simple: any business that operates online. There are some businesses that may benefit more from a cyber insurance policy though, and those include educational institutions, law enforcement, government agencies, financial institutions, and any business with a very high revenue.
Coverage Types
There are a number of different packages available from different insurance providers that cover a combination of different needs.
- The cost of pre-incident support. Depending on the package you choose, your insurance may offer you reimbursement for IT services and software that protects against cyber attacks and data loss.
- Costs associated with security breaches. This is the main reason that businesses buy insurance. Should a security breach occur, the costs associated will be covered. Should you need to hire a service to inform customers a breach has occurred, that will cost extra money that you will be able to recoup. IT forensics, cyber extortion, liability, data recovery, public relations, dealing with regulatory associations, legal costs…all this should be covered by your insurance.
Assessment and Selection
First and most important is risk assessment. There are a couple of key factors to consider: the two that are most easy to exploit are emails and simple employee mistakes. Almost all malware is delivered via mail and as much as 37% of breaches can be traced back to human error.
Next, you need to understand the differences between general liability insurance and cyber liability. General liability may cover some cyber issues, but a detailed cyber policy is essential to cover yourself completely.
Before selecting a provider, you should have a real grasp of the definitions of the events that your policy covers. The events mentioned above are some of the most common that you may encounter, but you’ll need to understand every risk that a policy you consider has listed.
Choose a policy that goes beyond “cyber event” coverage. Choose a policy that includes things like brand image (rehabilitating your image should a data breach occur), public relations, and legal counsel if necessary.
Integration with Cybersecurity Measures
It is essential that the policy you choose allows integration with your existing cybersecurity measures. Ask if the provider in question works with your existing security providers when you discuss the package so as not to come up short after purchasing a subscription.
Premium Factors
There are a number of factors that can influence your premiums.
- The sector that your business operates in. Certain companies have a higher risk associated with their operations, such as healthcare, public administration, and technology companies.
- The size of your company. The bigger the company, the bigger the associated risks and the more the policy will cost.
- The business’s geographical location and how many employees work remotely. The more remote employees a company has, the higher the risk and the more the policy will likely cost.
- Company revenue. The higher your revenue, the higher your potential losses may be, and the more your policy will cost.
- The kind of coverage you are buying. The more specific the policy is (covering more needs), the more a company will have to pay.
Cyber Security Surrey
Taking control of your online business in Surrey will give both you and your clients a big dose of peace of mind. Knowing that you are covered no matter what comes your way will allow you to serve your clients in the best way possible and assure them that their personal information and sensitive data are safe with you. Operating online means that you face a number of threats every day: it just makes good business sense to be as prepared as you possibly can be!
From understanding the risks involved in your profession, grasping why a cyber insurance policy is so essential and how to choose the right policy, to understanding the nitty-gritty of what might influence the policy fee you’re going to have to pay, our comprehensive checklist fills you in on everything you need to know about cyber insurance for your online business in Surrey. The only thing left to do is take action and ensure safety and peace of mind for your operation. Choose the right kind of cyber insurance today and ensure that tomorrow, or whenever an incident may occur, you’re prepared for anything that comes your way.
