These days when it comes to cyber-crime, many types of business in the sights of would-be criminals. No matter what type of engineering business you run, if it’s online then there is a risk, and engineering businesses, you’re no exception!
The last thing you want to be worrying about is the impact a cyber attack could have on your engineering business. This is where Cyber Liability insurance* provides some assistance, providing a safeguard for your engineering business against the nasties of the online world.
Our quick guide is here to break down what Cyber Liability insurance is and some tips and tricks to remember when it comes to your engineering business and the reality of cybercrime.
First things first-What is Cyber Liability insurance?
In a byte size, Cyber Liability insurance can be summed up as:
Cyber liability insurance is a type of business insurance product which protects your business against both the legal costs and expenses (including compensation payments) related to cybercrime incidents. Your coverage may generally include cover for expenses and legal costs relating to the following:
• Data breaches
• Theft or loss of client information
• Business interruption costs
• Forensic investigation
• Data recovery
• Extortion
• Fines and penalties
• Crisis management costs (to restore your businesses reputation after an attack or data breach)
• Legal costs from any ensuing civil action taken against you or your company
Examples of potential claim scenarios
These are some examples we have rounded up to illustrate when your engineering business may require Cyber Liability insurance:
- Your website was hijacked and defaced
- Your engineering business’ computers were infected with viruses/malware
- You have data held to ransom
- Your engineering business may have sent the wrong email attachments
- Lost or stolen devices
What are some of the types of cyber threats an engineering business may face?
As a professional business you work with clients every day, and chances are you have sensitive and important information stored online. Let’s face it, cyber criminals are becoming increasingly smarter and cunning when it comes to the way they attack businesses.
CERTNZ has identified the following as some of the most common types of cyber crimes and attacks that New Zealand small businesses may encounter:i
- Distributed-denial-of-service (DDoS)
- Ransomware
- Business email compromise
- Phishing scams
- Insider threat
- Data breach
Why might engineers consider taking out Cyber Liability insurance?
Engineering is a profession that relies heavily on the use of technology to help get the job done. These are some of the ways in which technology is part of the day-to-day operations of your engineering business:
- Communicating with others about projects
- Storing confidential client details
- Using programs to create your engineering plans
Can you imagine the impact a cyber attack could have on all your hard work? An attack could cause for your sensitive information to be involved in a data leak, intellectual property details stolen, and systems disrupted.
This could have a terrible impact not only on your projects, but your engineering business and its reputation, a drama no small business owner wants to be faced with.
How much does a Cyber Liability insurance policy for engineers’ cost?
Like every engineering business, the cost of the policy is unique to the business. There are a variety of factors which need to be calculated and considered to create the premium. Some of these factors include:
- The size of your engineering business
- Claims history
- Turnover of the business
- Number of staff
- Type of engineering your business does
To get an accurate idea as to how much a Cyber Liability insurance policy may cost your engineering business, have a chat with an insurance agent, like BizCover.
This is where we can help. By asking a few simple questions about your engineering business we can provide multiple quotes to help cover your business and its individual business insurance needs.
We know how busy things get when you’re running your own business, when you need insurance for engineering consultants get in touch with BizCover today. Not only do we provide Cyber Liability insurance, but Professional Indemnity insurance* for engineers, Public Liability insurance* and other insurance options to help safeguard your engineering firm.
Visit bizcover.co.nz and get insurance for your engineering business without the stress so you can get on with your day. If you’d prefer to pick up the phone and chat, you can find us at 0800 249 268.
*This information is general only and does not take into account your objectives, financial situation or needs. It should not be relied upon as advice. As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording. © 2023 BizCover Limited.
