Cyber insurance can help
Get your shops back online quickly
Whether you sell goods online or simply use technology to operate in-store, retailers rely heavily on their systems in order to trade. So when a cyber event causes ongoing system downtime, it can have a detrimental impact on your bottom line.
Cyber insurance can not only cover the financial loss caused by persistent system downtime, but can also give you the resources to get back online fast, minimizing the long-term financial and reputational impact.
Find out how cyber insurance helped one of our customers, a small retailer, in one such scenario.
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business interruption
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Take care of your customers
Retailers handle a lot of sensitive data and have a duty to customers to not only protect it, but to respond to breaches quickly should it fall into the wrong hands. But complying with local privacy regulations, notifying customers, and ensuring patches are made so it doesn’t happen again can be costly.
Cyber insurance can provide you with access to a range of experts should the worst happen, from privacy lawyers to firms that specialize in privacy breach notifications.
This means you can make sure you not only comply with any privacy laws or regulations, but also do right by your customers.
Protect your reputation
For retailers, reputation is what keeps customers coming back time and time again. So when a data breach or other cyber event leads to distrust in your brand, the overall cost to the business is often far more than the initial expense of legal advice and notifying affected individuals.
Cyber insurance can limit the reputational fallout of cyber events by covering the future loss of profit caused by customers who choose to go elsewhere.
One of our clients, an online retailer of medical goods, found this out when hackers stole their customer data and held it to ransom, creating a need for widespread notification.
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Cyber insurance helps protect retailers against the financial loss resulting from customer data breaches, cyber attacks, employee mistakes, damaged systems and much more.
Understanding your policy
Most cyber insurance policies consist of a variety of different coverage areas that work together to provide retailers with a broad and affordable cyber insurance solution. Check out the major sections of cover in our policy to learn more about what each part does:
All of this is backed up by best-of-breed risk management services and expert cyber claims handling. Learn more about our cyber solution.
Is cyber insurance right for my business?
Have you considered cyber insurance for your business? Here are a few reasons why it might be smart to do so.
Cyber risk heat map
When speaking to clients about cyber insurance, it's important to focus on areas that are relevant to the industry in which they operate.
Cyber claims case study: CEO swindle
A manufacturing firm transfers thousands to scam artists after falling victim to CEO fraud.
Over 80,000 businesses in 65+ countries around the world trust CFC for their cyber insurance. Are you ready to join them?
5 out of 5 stars
“For the SME client looking to protect themselves against cyber attacks and crime/social engineering fraud, the CFC policy
offers excellent coverage and good value.”
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