Is your business truly safe?
Welcome to the computer age where businesses are run online. As a matter of fact, you need to integrate some level of IT if you want to keep a competitive edge over your competitors. While technology is a lucrative enhancement for businesses, it also comes with a drawback – cybercrime.
Like many countries around the globe, cybercrime is a chronic disease destroying UAE’s businesses. Despite the heavy amount pumped into cybersecurity every year in the UAE, time has shown that the government cannot do it all. It is up to businesses to take up some form of protection against cybercrimes.
Unfortunately, many business owners are blinded by the erroneous thinking that only large firms are susceptible to cyberattacks. Nothing can be more untrue. Every business [whether small, medium, or large] can be a victim of cyberattacks. Over the years, we have heard of many firms from different sectors, including the government, falling prey to cyber attacks. In fact, 55% of the cases recorded are small businesses.
Because SMEs live in a sense of false security. They are reluctant to invest in cybersecurity and other forms of protection because they feel they are not susceptible to cybercrimes.
It is quite unfortunate that this is the case because a single data breach can shake down even the biggest firm. Now, imagine the implication on small and medium businesses. From loss of credibility to loss of revenue and much more, it is clear that seeking prevention is better than waiting for a cure in this case.
Fortunately, insurance companies have now designed a special package called cybercrime insurance to serve as a safety net for businesses who fall victims to cybercrimes.
What is Cybercrime Insurance?
Cybercrime insurance is a safety net for commercial businesses. It is designed to protect businesses against the damning effects of a data breach. As cyber criminals employ more sophisticated means to steal money and data from companies, Cybercrime insurance offers businesses a safe path to recovery should such a breach occur.
What Does Cybercrime Insurance Policy Cover?
This insurance policy covers a wide spectrum of cyber losses that may occur in an organization.
With a Cybercrime insurance policy, rest assured you are protected in case of the following:
- Data breach
- Data destruction
- cyber extortion
- Loss of digital assets
- Social engineering fraud
- Denial of service (DOS) attack
Benefits of Cybercrime Insurance Dubai UAE
1. Repair/replacement of damaged digital assets
Digital assets can either be lost or altered during a cyber attack. A Cybercrime insurance policy ensures that you do not bear the cost of recovering these lost assets. Instead, your policy covers the cost and everything pertaining to getting you back on your feet.
2. Provides forensic support
The first thing you ought to do during a cyber attack is to call on professionals who can help you get the situation under control. Usually, this costs quite a lot. The good news is that your insurance covers this too. So, you are entitled to round-the-clock support from cyber specialists at no cost at all. You also get access to a forensic team who are responsible for investigating the cause of the attack.
3. Restores business credibility
Your insurance policy provides seamless support at all sides to ensure your business stays afloat and protected throughout this trying time. This ensures that your business maintains its credibility despite experiencing an attack.
4. Takes care of the expenses of a data breach
It is mandatory to reach out to organizations and customers when a breach occurs. For a business that has just been hit and forced to halt sales, these expenses can be too much to bear. This is when your Cybercrime insurance policy comes into play. Your policy ensures every expense associated with the data breach is fully covered by the insurance company.
5. Covers loss incurred during business interruption
Businesses are forced to shut down during a cyber attack. This period of halted activities can lead to loss of revenue. Fortunately, your Cybercrime insurance policy should cover the sum of revenue lost due to business interruption. This ensures that your bottom line for the quarter remains intact like nothing happened.
6. Covers costs requested during cyber extortion
cyber extortion is typically one of the biggest fears of a cyber attack. This usually occurs in such manner that the cyber criminals seize control of your data until certain fees are paid. With a Cybercrime insurance policy, you can mitigate the loss from cyber extortion.
7. Provide legal support
Part of the benefits you enjoy with Cybercrime insurance is free legal support.
About Cybercrime Insurance Dubai UAE
Current data shows that 1.8 billion AED is spent on cybersecurity every year. Notwithstanding, the CEO of corporate cyber defense firm Coordinates, Tarek Ghoul, emphasized that small and medium businesses (SMEs) in the UAE “are at a heightened risk with a false sense of security.”
So far, the government is doing all it can to tackle the increasing rate of cybercrimes in the UAE. However, companies – both small and big – will need an extra layer of protection to keep their business afloat even when a breach occurs. And this is where cyber insurance comes in.
Cybercrimes have morphed into different forms over the years. As these criminals get smarter, it is important to protect your business from the damning effect of a data breach. You don’t need to wait until it happens before seeking solutions.
The consequences of data breaches are too much for any company to bear. Even the biggest firms struggle.
As the final layer of protection for your business, experts advise both small and large firms to take up Cybercrime insurance to ensure they are fully protected should a breach occur.
Get Your Cybercrime Insurance Dubai UAE Today!
Basically, Cybercrime insurance Dubai UAE takes care of everything pertaining to a cyber attack – so much so that your business will continue like nothing happened. From covering all the costs to getting you a legal team and providing a 24/7 cyber specialist team & forensic team, a Cybercrime insurance policy is a must-have for any smart business owner.
LifeCare International is a leading insurance company that truly understands the need to protect your lifelong investment. As business owners, we understand what it means to be 100% protected. Hence, we work with businesses to give them the peace of mind they deserve.
Don’t risk one more second. Contact us today to receive a free Cybercrime insurance quote. Protect your business now!