Here's why.

1.     Access to experts

Cyber insurance provides access to a level of professional expertise that is beyond the reach of most SME's.

Cyber events are typically messy.  Establishing what has happened, what has been impacted, scoping a resolution, deciding when and how to notify regulators - these are all skilled tasks that often require a coordinated approach from numerous organisations, each of which has a particular skill set.

Most cyber insurers provide their policyholders with access to a panel of these organisations.

For you to access equivalent skill sets would require trading relationships with law firms, computer forensic teams, direct mailing companies, credit monitoring organisations, forensic accountants, public relations companies - the list goes on.

Agreeing contracts, scopes of work and negotiating rates with these vendors would take weeks and in the meantime your business is still suffering the impact of the event itself.

Purchasing a cyber policy such as Arch Cyber Searchlight allows turnkey access to a team of service providers all of whom are well versed in providing advice and services to reduce the impact and cost of cyber events such as compromised computer security, ransom demands and data breaches.

2.     Exceptional value for money

The value of risk transferred from SME to cyber insurers is much higher than the premiums that are typically charged.

Expert advice and high-end skills sets are not cheap, particularly if you need them in an emergency. Legal advice in connection with the investigation of a suspected data breach costs around £350 hour. A forensic investigation into a ransomware attack easily costs £15,000.

Premiums for cyber insurance start at less than £200 and with Arch Cyber Searchlight no excess payment is required to access the legal and forensic services that are provided as part of the policy.  That means that SME's have nothing other than the premium to pay in order to access the core benefits of a cyber insurance policy.

3.     Keep the lights on

Cash flow is the life blood of businesses. The Office of National Statistics suggests that poor cashflow is responsible for up to 90% of UK business failures. SME's are particularly vulnerable since they rarely have access to large reserves of cash.

As well as providing access to services to facilitate you getting back up and running quickly, cyber insurance policies compensate you for income lost during a cyber event. They also pay for additional expenses you have to incur in order to keep trading. 

Arch Cyber Searchlight helps maintain your valuable cash flow by providing indemnity for income lost due to partial interruption as well as total interruptions to your business following a cyber event. 

For more information and to purchase Cyber Searchlight insurance, please contact your Insurance broker.

Please click here to read Cyber Insurance Shouldn't Be a Dark Art, also by Marcus Breese