As your trusted technology partner, we often encounter the question: Is cyber liability insurance necessary? The answer is an emphatic yes. Your standard insurance does not cover you for cyber risk and given the evolving cyber threat landscape, it’s crucial not just to defend against potential attacks but also to ensure you’re financially prepared for any incidents. This is why we’ve partnered with Frankie, a leader in cyber liability insurance, to provide our clients with an extra layer of security.
Why Cyber Liability Insurance?
Cyber incidents can disrupt business operations severely and lead to substantial financial losses. While our role is to fortify your systems against such threats, cyber liability insurance provides a safety net, ensuring financial recovery and operational continuity if a breach occurs.
Why do we also need Management Liability Insurance?
Frankie’s Cyber liability is only available when purchased with Management Liability insurance. Management liability insurance covers the personal liability exposure of directors & senior managers for claims that arise from their decisions while acting within the scope of their role. However, it also extends crime indemnity for the business, which, in addition to other things, covers direct losses when the business is the victim of computer or funds transfer fraud. The two policies go hand in hand and provide much broader cover for cyber incidents.
How Our Partnership with Frankie Benefits You:
- Comprehensive Coverage: Frankie offers insurance that covers a range of cyber incidents, from data breaches to ransomware attacks. This coverage ensures that, in the event of a security breach, your financial liabilities are significantly reduced.
- Proactive Risk Management Support: We work closely with Frankie to extend beyond traditional insurance. Together, we provide a blend of risk management services that include regular cybersecurity assessments and strategic advice to bolster your defences. Our joint efforts ensure you are less vulnerable to cyber threats.
- Expert Response and Recovery: Should a cyber incident occur, Frankie’s dedicated response team collaborates with us to manage the situation effectively. While Frankie handles legal and forensic aspects, we focus on swiftly restoring your systems to minimise downtime. Their public relations support also helps manage any potential damage to your reputation.
- Cost-Effective Peace of Mind: The potential costs associated with recovering from a cyber incident can be daunting. With Frankie’s cyber liability insurance, you gain peace of mind knowing that these expenses won’t derail your business. It’s an affordable solution that complements our security measures, ensuring comprehensive protection.
Is Cyber Liability Insurance Right for Your Business?
Any business that handles sensitive data should consider cyber liability insurance essential. This is particularly true for small and medium-sized enterprises where a single cyber incident could be financially devastating. As part of your overall cybersecurity strategy, it’s prudent to assess your current risks and coverage needs.
With our partnership with Frankie, we are committed to ensuring that your defences are robust and that you are financially prepared for any cyber challenges. To learn more about how cyber liability insurance can benefit your business or for a quote in seconds, please visit the Frankie website.
