Cyber Insurance
In our endeavour to provide our clients with end to end cyber protection services, StickmanCyber have partnered with Ardent Insurance Solutions to provide our clients with cyber insurance.
- Home »
- Cyber insurance
Why Cyber Insurance?
With rapidly evolving technology it is becoming increasingly challenging to hold malicious actors at bay. Their sophisticated attack techniques are making it harder for businesses even with a high level of cybersecurity to avoid falling prey to a cyber attack. This is where cyber insurance can be a useful inclusion in your cybersecurity strategy.
Evolving technology has exposed gaps in traditional insurance policies that were never intended to cover many of the exposures we face today. Cyber Insurance is designed to address these exposures.
Benefits of Cyber Insurance
A data breach has a number of associated costs, that include dealing with security fixes. Cyber insurance provides coverage for these costs.
A cyber attack or data breach can halt business operations, which can lead to a loss in income and time. Cyber insurance can provide coverage for losses made during this period.
General liability policies may not cover the losses associated with a cyber attack. Data is usually more valuable than physical assets, by having insurance specific to cyber, your business's reputation and financial well being are protected.
Ransomware attacks are increasing in frequency and are designed to uphold a business's valuable data until a ransom is paid. Cyber Insurance can provide businesses with help recouping these losses.
Who are Ardent Insurance?
Ardent Insurance Solutions is dedicated to ensuring your business and assets are protected against unforeseen loss. They do this by taking the time to understand the structure of your business and identifying your exposures.
What does Ardent Insurance provide?
Cyber Insurance is designed to address these exposures and can be broken down into three core components:
It includes:
- First Party Cover – This part of the policy provides coverage for IT costs to help your business get back up and running after a cyber attack. It can also assist with preventing a PR disaster which can have a significant impact on the future of your business, as well as other costs incurred to correct issues after an attack occurs.
- Third-Party Cover – This section provides cover against your liability to a third party which could include damages from unintentional privacy breaches
- Business Interruption – This provides protection against your lost income whilst your systems are down after an attack occurs. Traditional Business Interruption won’t apply unless physical damage has occurred, so it’s important to ensure your Cyber coverage provides this protection.
Cover at a Glance:
01
Provides protection for new age exposures that traditional policies do not cover
02
Provides cover for certain First Party, Third Party and Business Interruption losses
03
Social Engineering is becoming more prevalent
04
Is essential cover for any business that communicates electronically