Cyber Insurance NI

Cyber Insurance Northern Ireland

If you’re in the market for NI cyber insurance policies then you’ve come to the right place.

Hacking and data breaches, ransomware and DDoS attacks – as the web becomes ever more central in both our workplaces and our work practices, the risks posed by cyberattacks continue to grow. A data breach or ransomware attack could not only inflict serious reputational damage on your business, but it could even bring your entire business operations to a standstill.

That’s why Northern Ireland businesses would be wise to consider investing in NI cyber insurance, which could protect them from a wide range of different cybersecurity risks, from hacking to data loss to ‘distributed denial of service’ attacks.

The right Northern Ireland cyber insurance policy could prove invaluable, and it might not cost as much as you think.

How much does Northern Ireland cyber insurance cost?

That will depend on a wide range of variables, many of which will be specific to your business and its risk of suffering this type of attack, so there’s no simple way to calculate your premium without comparing real NI cyber insurance quotes.

For instance, some types of businesses have a higher risk of cyber attack than other – banks, mortgage companies, insurance brokers and mortage brokers are more at risk than non-financial businesses, for instance, which means these financial services companies might pay more for their cybersecurity insurance.

Retailers are often more likely to be targeted by cyber criminals as well, so they may well have higher cyber insurance premiums too.

The size of your business, your turnover and the number of employees you have could also influence the cost of your cyber insurance, and even your location could play a part in the insurance premium calculation.

With that in mind, the best plan is to compare real cyber insurance quotes and then go with the provider that offers the best cyber insurance coverage at the most competitive price.

Is cyber insurance a legal requirement in Northern Ireland?

No, you aren’t legally obliged to take out cyber insurance – and if you don’t handle any customer data you might decide that this type of policy isn’t worth the cost.

However, most businesses handle and process some customer data these days, and if you handle bank account details or card details then those datasets would be even more valuable to cyber criminals.

Of course, even if you don’t process customer data, there’s a good chance that you will have significant amounts of your own business that you need to maintain access to, so insurance against ransomware attacks could still protect you in these instances.