In today’s digital age, the integration of data and technology into business operations has become indispensable. Any organisation, large or small, that aims to succeed in the modern era requires these digital assets to achieve its core business objectives. However, with this increased reliance on technology comes a new type of risk. The potential for data loss, technological failures, or cyber-attacks, among others, presents significant threats that can disrupt operations, often incurring financial costs and legal liabilities. From increasingly sophisticated phishing attacks to malware deployed by third - parties, cyber-attacks can effectively halt business operations.

GasanMamo Insurance as a leading insurance provider is renowned for offering a comprehensive range of insurance solutions tailored for personal and commercial requirements. Adapting to the constant needs of its client base, the insurance provider recognises this critical need and offers cyber insurance protection tailored to specifically safeguard small to medium enterprises (SMEs) against evolving cyber threats.  Cyber Insurance serves as a traditional risk transfer mechanism, providing a safety net for the financial losses that result from cyber events and incidents. This form of insurance is vital for covering first party losses, offering businesses an invaluable safeguard against cyber threats.

GMI’s Cyber Insurance Policy for SMEs

This cover is part of the Business Protect product range and addresses three principal areas of protection: incident response, data restoration, and business interruption.

When a cyber event occurs, the immediate operational impact can be devastating. The ability to quickly identify what has happened, determine the cause, and assess the potential impact is crucial. GMI’s incident response cover ensures that businesses can promptly engage external experts to manage the situation, thereby mitigating potential losses. This cover indemnifies the costs incurred for expert assessments and remediation efforts, helping businesses navigate the complexities of a cyber-attack with professional support.

Data is often considered a company’s most valuable intangible asset. The loss, corruption, or destruction of data can lead to significant operational disruptions and financial losses. GMI’s data restoration cover provides essential support in these situations, indemnifying the costs associated with recovering or restoring data after a cyber incident. This ensures that businesses can swiftly return to normal operations, safeguarding their financial performance.

The financial repercussions of a cyber event extend beyond immediate operational costs. Business interruption, resulting from an inability to access or use computer systems, can lead to substantial revenue losses. GMI’s business interruption cover under their Cyber Insurance section is designed to protect against such scenarios, reimbursing businesses for lost income and operational expenses incurred during the period of restoration. This cover applies after a specified waiting period and extends throughout the recovery phase, providing financial stability during times of crisis.

Security protocols and flexible cover options

To be eligible for GMI’s Cyber Insurance, businesses must adhere to specific security protocols. These include maintaining up-to-date anti-virus software on all devices connected to the company’s systems; utilising firewalls for internet-connected devices and conducting monthly data backups stored either in a cloud environment or at an offsite location. These measures ensure a baseline level of security to  reduce likelihood of cyber incidents and enhance the effectiveness of the insurance cover.

GMI’s Cyber Insurance offers affordable premiums and flexible cover options, allowing businesses to tailor their policies to meet individual requirements. With various limits available, clients can choose the coverage that best suits their unique risk profiles and operational needs.

The cyber threat landscape necessitates a proactive approach to risk management. By integrating Cyber Insurance into their strategies, businesses can protect their operations, finances, and reputation from the potentially devastating impacts of cyber events. GMI’s Cyber Insurance solutions provide SMEs with the protection they need, ensuring that they are well-equipped to face the challenges of the digital age.

Safeguard your business today with GMI’s Cyber Insurance cover and navigate the future with confidence.