Sales:
0333 242 2441

What is Cyber Insurance for business and will Cyber Essentials help?

Does my business need cyber insurance and will Cyber Essentials accreditation make a difference? 

cyber insurance

With the ominous threat of cyberattack ever present we look at cyber insurance, why it’s important to businesses and how having Cyber Essentials accreditation can make a difference to your policy 

Quick navigation

What is Cyber Insurance?  

The Federation of Small Businesses recently highlighted a government survey in which only 32% of businesses reported being insured against cyber risks. Yet, the cyber age in which we live and work presents many new threats to IT systems, networks, data and infrastructure.  

 

Cyber insurance is designed to protect businesses from the consequences of cyber-attack by providing financial protection and support to minimise the impact of disruption.  

 

What should cyber insurance cover? 

The specifics of each cyber insurance policy, what is and is not covered, will vary between providers but the common aim of these policies is to support business recovery and financial losses caused by a cyber security breach, whether criminal or otherwise.  

 

In general, insurance covers first party and/or third-party risks, covering a range of issues relating to lost, damaged and stolen systems and data. First party cover can include:  

  • Investigating a potential cyber crime

     

  • Recovery of lost or damaged data

     

  • Restoring computer systems

     

  • Theft of digital assets 

     

  • Lost income from downtime and business interruption

     

  • Support with managing incidents, including reputation damage limitation and regulatory enforcement. 

 

Third party risks, which are claims against you or damage to assets of others can include: 

  • Legal costs of defending claims made against you
     
  • Payment of damages or compensation to clients, suppliers, contractors or others for the loss of services or data. 

 

Why do I need cyber insurance? 

Many businesses rely daily on their IT for successful operation. Because cyber-attacks are becoming more frequent and sophisticated, the likelihood of becoming a victim is increasing. Even with the best cyber security practices in place, no business can be 100% protected. 

 

Having cyber insurance covers the risks caused by business interruption, loss of income, damage to reputation and impact to clients and will make it easier for you to recover. 

 

If you are heavily reliant on IT for your business operations or collect and store a lot of client data, the impact to you may be so substantial it could harm the viability of your business.  

 

This is particularly important to consider if you simply rely on existing general insurance policies, such as general business insurance, to cover your cyber risks. 

 

If you depend on your website, collect sensitive data or would benefit from the specialist support that cyber insurance can offer, including technical assistance for recovery, then specialist insurance may be for you.  

 

What do you need to take into account when choosing cyber insurance? 

To help you choose the right cyber insurance policy for you, here are some questions to consider to determine the cover you want: 

 

  • How much and what data do you store and use, and how critical is IT to your day-to-day operation?
     
  • Are third party claims against your business covered?

     

  • What areas aren’t covered by your insurance?

     

  • What technical support or incident recovery support is provided during and after an incident?

     

  • How much financial compensation do you need a policy to cover?

     

  • Will the insurance include new, as yet unknown, types of cyber-attack? 

 

Cyber Essentials helps you find the best cyber insurance deals 

At Syn-Star, we support a lot of clients to achieve Cyber Essentials accreditation because we know that Cyber Essentials is important to business by helping them to protect themselves and their clients from cyber-attacks and the devastating impact they can have. 

 

Cyber Essentials works by assessing five key security controls and with the right management, businesses can protect themselves from most cyber-attacks. 

 

This proactive approach to preventing cyber-attacks is seen very positively by insurers and some offer discounts in their cyber insurance for businesses which are Cyber Essentials accredited. 

 

Not only will you have key cyber protections in place, but you are making it clear to your insurer that you’re aware of the importance of protecting your clients, suppliers and partners. This will often be reflected in the size of your insurance premium. 

 

If you would like to learn more about Cyber Essentials accreditation, how it can help you find larger clients and how to achieve accreditation, take a look at our resources or contact us for a discussion. 

For more blogs
Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn

More news updates

Apple headset price leaked!!

Apple AR and Apple VR headset has been in the works for a very long time. The new Apple glasses are as expensive as you’d

WhatsApp for business

WhatsApp for business is a great way to increase your customer experience.  Read more WhatsApp for business makes it remarkably easy for your customers to

Team Productivity
& Monitoring

Team Productivity:
You and your team are able to see where they are using their time and how productive they are actually being.  Also they are able to clock in and out, so really good for flexi-working.

Team Monitoring:
If you would like to know what your team is doing and how productive they are being, we are able to monitor them and create screenshots of what they are working on.  This can be run in normal or stealth mode.

Book a FREE fact finding session to discuss the different options.

Our International Efforts

We are proud to partner with ‘Buy 1 Give 1’ to help causes around the world.

As a member of this organisation, our membership fee directly funds various developments, innovations and operations across the globe.

There are more than 500 carefully screened, high-impact projects taking place with sustainable development goals which we are hugely proud to help.

Because of our engagement with this charity, we can directly track the impact Syn-Star has on the lives of many. Every new client allows us to provide a new donation to this cause.

A Little Closer To Home

We proactively seek opportunities to support good causes for our community.

From sponsoring local community football teams, to engaging with charity fundraiser days, we believe it’s important to continually strive to do good for the better of others.

We have members who volunteer with youth organisations, are engaged with the Round Table, run marathons and volunteer at events where we may be needed. Every charity receives a discounted IT and Telecoms service too.

Security

Protecting your digital data is crucial for every business and this can start with the industry-leading security we offer. The Syn-Star specialists can help with identifying any vulnerabilities within your IT systems and act accordingly to ensure cyber-attacks and data breaches are mitigated. 

Strategy &
Future Planning

Your business will never fall behind with its technology when you work with Syn-Star.


We understand IT and Telecoms for your business is an investment, but it’s important to use the best resources available to enable the growth of your business. Our IT Consultancy and Virtual IT Director Services are available to support you with how you use your business technology for years to come.

Syn-Star
Academy

Syn-Star can conduct quick and easy phishing exercises to identify people within your team who need to improve on their knowledge around fraudulent emails and how they can be alerted to these threats. 

Team Productivity & Monitoring

At Syn-Star, our experts can proactively work to understand exactly what software you need to support with the business operations. Whether you need a listening ear on what software to choose, or would like to seek some specialist knowledge, we’re here to help where we can.

Robust
& Reliable

At Syn-Star, we keep Telecoms simple. There’s so much available to help UK companies with their communications. VoIP systems, fixed landline, cloud phone systems, SIP trunking and more. Contact us for further details.

Providing Equipment
You Need

Desk phones, cordless phones or conference phones, Syn-Star can provide you with whatever you need. 

From conference calling facilities to the headsets which work best for your team, we’re able to provide all the equipment you need and complete any telecoms job from start to finish.

VoIP Phone
Systems

There is no need to be in the office to make and receive phone calls from your company’s number. Our market-leading Telecoms platform gives you the flexibility of desk phones, soft phones and mobile apps as standard.

Whether your team works remotely, or perhaps staff are on a business trip anywhere in the world, calls can still be made, and people are reachable via phone wherever they go.

Internet
Connectivity

With a range of products, our team can support you by installing exactly what you need for internet connectivity. We work with the very best products to provide speedy bandwidths which play a part in the increased productivity of your team.

Internet
Connectivity

With a range of products, our team can support you by installing exactly what you need for internet connectivity. We work with the very best products to provide speedy bandwidths which play a part in the increased productivity of your team.