Cyber Insurance: A Human Solution to a Digital Problem

Cyber insurance can feel like a complex and intimidating topic, full of technical jargon and worst-case scenarios. But at its core, it’s actually a very human solution, designed to protect businesses and support people when they need it most. With the right broker and insurer, cyber insurance isn’t just about covering financial losses; it’s about providing expert guidance, reassurance and practical help when things go wrong.  

Why every business needs cyber insurance

In today’s world, every business, no matter its size, relies on digital systems in some way. Whether you store customer details, run an online shop or simply use email, you’re exposed to cyber risks. Cyber criminals don’t just target big corporations; in fact, small and medium-sized businesses (SMEs) are often their preferred victims.  

Why small businesses are easy targets

Many small businesses believe they are too insignificant for hackers to notice. Unfortunately, this isn’t true. Cyber criminals see smaller companies as easy pickings because they often lack the advanced security systems of larger organisations. A single phishing email, weak password or outdated software can be enough for a hacker to gain access to sensitive data. And once they do, they can steal customer information, hold systems to ransom or even take down a business entirely.  

The most common types of cyber crime

Cyber threats come in many forms, but some of the most common include:

• Phishing attacks – fraudulent emails that trick employees into clicking harmful links or revealing sensitive information.
• Ransomware – malicious software that locks businesses out of their own systems until a ransom is paid.
• Data breaches – hackers stealing personal or financial information from businesses, leading to reputational and financial damage.
• Business Email Compromise (BEC) – cyber criminals impersonating senior staff or suppliers to trick employees into transferring funds.
• Denial-of-Service (DoS) attacks – overloading a company’s website or systems to take them offline.

 

What cyber insurance covers

A good cyber insurance policy does more than just pay out after an attack. It provides essential support before, during and after an incident, helping businesses recover quickly. Cyber insurance typically covers:

• Incident response – immediate expert assistance to contain and manage a cyberattack.
• Financial losses – compensation for lost income due to downtime, as well as costs associated with data recovery and legal fees.
• Ransom payments – cover for ransomware demands (though insurers work with experts to avoid paying where possible).
• Reputation management – PR support to rebuild customer trust after a breach.
• Regulatory compliance – assistance with notifying affected customers and meeting legal obligations.

 

Making cyber insurance human

Cyber insurance isn’t just about policies and payouts; it’s about people. The right broker will take the time to understand your business and the risks you face, explaining your options in plain language. Likewise, the right insurer won’t leave you to deal with an attack alone; they’ll provide expert-led response teams, guiding you through every step of recovery.

  In an increasingly digital world, cyber threats are a reality for businesses of all sizes. But with the right cyber insurance, you don’t have to face them alone. By working with a knowledgeable broker and a proactive insurer, you can protect your business, your employees and your customers, making cyber insurance feel less daunting and much more human.

Ascend Broking Group has all the cyber insurance knowledge you need and that face-to-face, personal approach that’s all-important. If you’re looking to secure vital cyber insurance for your business, large or small, contact us today on 01245 449060 or email matthew.collins@ascendbroking.co.uk.