Cyber insurance news

We have seen a huge increase in demand for Cyber Insurance in the last eighteen months. This is mainly driven by the amount of press coverage relating to the subject and a general increase in the awareness of the covers.

In some instances, it can be after  ‘the horse has bolted ‘ in that someone has already experienced a cyber-attack. Funny thing is that in the cyber area the fact that someone has had an attack will not necessarily deter the cyber insurer in quoting. In many instances, someone who has had a cyber event will often be all too aware of the exposures and will have taken extra steps to mitigate future losses.

Cyber policies, in general, are intended to respond to Third-party claims resulting from data breaches, to assist with legal and regulatory requirements following a breach and to cover business interruption costs following a breach. With cyber insurance price is important but what we often find is that people buy cyber insurance without paying heed to pre-qualification criteria and tick all the boxes on application without actually reading same and it transpires they are in breach of qualification criteria before they even buy – so they have purchased a worthless insurance policy.

For details on cyber insurance quotations please call our team in Galway on 091-563518.

Get a Quote / More information

To get a quote or to learn more about cyber insurance, don’t hesitate to get in contact with a member of the Burke Insurances team. Click the button below to visit our Contact Us page.