Is cyber insurance right for my business?
Have you considered cyber insurance for your business? Here are a few reasons why it might be smart to do so.
Read moreNowadays, hackers are increasingly targeting businesses with cyber attacks and social engineering scams to lock down their systems and hold your important assets for ransom. Whether it’s customer invoices, design files, project plans or your next big pitch, losing access to business-critical files and data can be disastrous to a professional service firm.
Cyber insurance can protect you against the financial loss associated with these kinds of events, paying for the recovery and even re-creation of important data and minimizing any long-term impact to your business.
Find out how CFC’s cyber insurance policy paid for full data re-creation after an engineering firm lost vital data due to an attack of this kind.
Many professional service firms deal with wire transfers, whether you are requesting payments from clients or trying to pay suppliers. Unfortunately, this leaves you exposed to a growing problem – funds transfer fraud.
Often initiated with a simple phishing email, fraudsters increasingly dupe employees into transferring what they believe are legitimate payments to fraudulent bank accounts. Cyber insurance can protect your business, as well as your customers, from the financial loss incurred in such scams.
Find out how cyber insurance helped an insurance brokerage after hackers broke into its email system, impersonated the brokerage, and redirected customer payments to fraudulent accounts.
Find out why cybercrime cover is essential
For professional service firms, your reputation is your business. So when a cyber attack or data breach damages your clients' trust, it can threaten your ability to generate new customers and retain old ones, even if you do everything by the book.
Cyber insurance can limit the reputational fallout of cyber events by giving you access to specialist PR firms that can help you through the process of notifying customers and by covering the future loss of profits caused by lost contracts and customers who choose to go elsewhere.
Most cyber insurance policies include of a variety of coverage areas that work together to provide professionals with broad and affordable protection. Learn more about the major sections of cover in our policy:
All of this is backed up by best-of-breed risk management services and expert cyber claims handling. Learn more about our cyber solution.
“For the SME client looking to protect themselves against cyber attacks and crime/social engineering fraud, the CFC policy
offers excellent coverage and good value.”
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