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      Cyber Insurance – Do we need it?
      BY Ian Bernhardt

      In today's world, cyber threats are a constant and frequently varied risk to all organisations. When cyber-attacks occur, having cyber insurance can help your organisation recover and get back to business quicker.

       

      Managing cyber incidents almost always requires in-depth technical knowledge. Disaster Recovery plans and technical and operational contingencies minimise the disruption to the business and provide financial protection during an incident. Cyber insurance may also help with any legal and regulatory actions taken after an incident has occurred.

       

      Before you rush out and buy cyber insurance, have a look at your current safeguards and security you have in place. Carefully consider your data protection policies with a particular focus on remote working during the current lockdowns.

       

      What cyber security defences do you already have in place?

      Most insurers will ask for information about your current setup, security policies and controls you have in place before they consider insuring you. These checks may include any documented processes, human controls and technical controls you currently use to mitigate cyber-risks.

       

      What do you want to protect?

      It is essential to identify precisely what data, within your organisation, needs the most protection ('most valuable data assets'), and identify any breach or loss scenarios that must not occur to this data.

       

      Do you understand the full impact of a cyber incident?

      A cyber incident can have a huge impact on your business and could result in the following:

      • Systems and devices could be unavailable for an extended period
      • Data loss, yours and your customers or clients) due to virus or malware infection
      • Financial impact, loss of business and income
      • Reputational damage
      • Legal action
      • Fines from the ICO or other supervisory authority

      How much does it cost?

      Some insurers offer discounts if your organisation already has recognised cyber security defences in place (such as those certified by Cyber Essentials, or Cyber Essentials Plus) so it's worthwhile ensuring your insurance provider is aware of these. As well as lowering your premiums, completing schemes like these demonstrate to your customers, partners and suppliers that you take cyber security seriously.

       

      How can Sprout Help?

      Sprout provides expert cyber security services, shaped for law and architected to your needs.   We enable our clients to obtain Cyber Essentials and other certifications.

       

      Get in touch, and a member of our team would be happy to assist you. Call 020 7036 8530 or visit our contact us page.

      Cyber Security legal IT data security cyber insurance insurance