If your business uses, sends or stores electronic data, you may benefit from cyber insurance. That data, whether it belongs to the business or is sensitive customer information, is vulnerable to cyber-attacks and data breaches, and cyber insurance can help with the cost of recovery.

This is why cyber insurance is an important part of small business insurance, as it offers financial support if the worst happens.

Some of the most common cybercrimes include:

• Malware:
  • A form of malicious software that can install itself in your systems via phishing scams and by exploiting software vulnerabilities. Once installed, the attacker can spy on online activities and steal private data.
• Ransomware:
  • This a form of malware that attacks your computer system and encrypts data. The attacker will then demand a ransom payment in exchange for the return of the data. It’s worthwhile to formulate a data recovery plan as a precaution and maintain at least one backup of your data.
• Hacking:
  • Cyber hacking is a term used for the partial or complete acquisition of a computer system or certain functions within it. There are various methods of doing so, but the aim is generally to access important data.