Five key reasons to consider cyber insurance

Have you ever wondered how prepared your business is to face the consequences of a cyber-attack? Even if you and your colleagues only use the most basic of online tools such as email and internet banking, you’re at risk.

To help counter these threats, IT security is crucial. But even the best-prepared organisations can still fall prey to cyber criminals. Most attacks are the result of human error such as clicking on a link in a scam email intended to steal sensitive information, visiting a malicious website or accidentally sending data to the wrong recipient.

So, as well as shoring up your digital defences, you need to be prepared for how you would respond as a business if you were attacked - to minimise the financial and reputational damage that you could face. 

This is where cyber insurance comes in. Just like you would insure your business against the better-understood risks of fire, theft or flood, you need to do the same against the modern threat of a cyber-attack.

The benefits of cyber insurance

A cyber insurance policy doesn’t just cover financial losses after a cyber-attack. It has lots of benefits. Here are five of them:

1. Protects what’s of value to your business – cyber cover protects your access to systems, intellectual property, employee data, and customer data. What’s more, to minimise reputational damage, PR specialists can help manage messaging and reduce business impact internally and externally.
2. Minimises financial impacts – for medium and large businesses without cyber insurance, the average cost of a cyber-attack is £10,830*. However, cyber cover can help recover some of your finances, particularly if an attack disrupts critical systems that your business relies on.
3. Specialist IT support – breach response teams will respond immediately to cyber-attacks; specialist IT Forensic teams will provide investigation, resolution and support where needed. Expert situation analysis and guidance is available from specialists if you’ve suffered a cyber-attack and are being asked to pay a ransom. 
4. Access to forensic and legal specialists – in addition to coverage for regulatory and third-party legal actions, notification costs, and data restoration, you'll have peace of mind knowing specialists are handling your case. You'll also have access to a solicitor to present your case to the Information Commissioner’s Office, build a defence if prosecuted, and advise on notifying customers and regulatory bodies.
5. Judgement-free support – a cyber-attack can happen to anyone and any business, even the savviest of companies or those you might think wouldn’t, such as anti-virus software companies could experience one. You can rest assured that you’ll be treated with empathy and understanding, rather than judgement and blame. Our specialists will give you advice on how to tighten up your cyber security to minimise the chance of it happening again.

*(Source: Cyber Security Breach Survey 2024, gov.uk)

Cover to fit your business requirements

Cyber insurance isn’t one-size fits all; different levels of cover are available to support specific business requirements. 

Our expert NFU Mutual Agents will take the time to get to know you and your business and can arrange cover with our trusted partners depending on your individual needs.

The cover will depend on your circumstances and your local NFU Mutual agency office will explain the full details including any limits and exclusions that apply.

Ready to protect your business? With Cyber Security Awareness Month around the corner, now could be a good time to take action and speak to your local NFU Mutual agency office.