Whether you have a small start-up or run a large corporation, Cyber Insurance can help you to remain on top of cyber threats as well as minimize damage from the breach. You may feel that your business is well-protected from cyber-criminals, or perhaps that your business is too small for them to target, however,  for this very reason, SME’s and other medium sized businesses are prime targets. 

This guide will help explain the ins and outs of Cyber Insurance and help you choose the right level of cover for your business.  

What is Cyber Insurance?

Cyber insurance is designed to protect businesses from internet-based risks and, more generally speaking, risks relating to information technology infrastructure and activities. It can also help you to limit the damage caused by a successful attempt to access your business data. Cyber liability policies can offer support such as data recovery and business interruption cover which can help you to get you back on your feet in the event of a cyber-attack. 

Do I need Cyber Insurance? 

If your business handles sensitive customer data such as names, addresses, or banking information, or you are reliant on computer systems to conduct your business, you should be protecting your customer data as this could be compromised in the event of a security breach. 

Some people feel that their business is too small to warrant investing in cyber liability insurance, however, according to a report by the Federation of Small Businesses, two-thirds of their members were victims of cyber-crime between 2014 and 2016. Cover can be tailored to suit your needs even as a small business. 

What does Cyber Insurance cover? 

Cyber Insurance can cover you for a range of different security breaches including: 

• Data breaches following employee theft 
• Data breaches following loss of a memory stick 
• Cyber business interruption 
• Denial of service attacks 
• Data breaches following hacking 

These are just a few examples of what could be covered by a Cyber Insurance policy.

Things to consider when choosing your Cyber Insurance 

When investing in Cyber Insurance it is worth looking at the potential risks your business faces and if there are way to reduce them. Even large companies with departments dedicated to IT security are at risk of data breaches but there are some actions you can take which may reduce the threat. 

Regular training for staff:

Hacking techniques are developing all the time and it is important that staff are kept up-to-date with the latest threats to keep an eye out for. 

Data encryption:

This is different to having a password: it scrambles the data on a hard disk so that it can only be accessed with a decryption key. This is generally considered much safer than password protection. 

Storing portable devices at work:

Limiting the chance of laptops or tablets being left in public can help to reduce the risk of hacking due to the loss of a device or memory stick. Although it is not always possible to keep these devices in the office it is certainly worth considering. 

Keeping up with legal changes:

It is important that you stay up-to-date with any changes in the law to ensure that your insurance does not become invalid without your knowledge 

Cyber Insurance from Thailand Insurance Services 

To give you peace of mind, we can offer Cyber Insurance that is tailored to your business needs. As well as providing cover in the event of a security breach, we can also provide you with access to a team of experts who will work with you to minimise your loss and the possible damage to your business. 

We also give you access to tools and resources to help you stay up-to-date with the evolving risks which will help you to understand your exposure and therefore establish a suitable response plan. 

Thailand Insurance Services will provide you with the right Cyber Insurance from the leading insurance providers in Thailand for your business. We are the leading insurance broker in Thailand for Cyber Insurance coverage.