Cyber attacks are one of the biggest threats facing SaaS companies.

A single breach can take your platform offline, expose customer data and trigger costly legal and operational fallout.

Even with strong security, no SaaS business is immune, making cyber insurance essential. Here’s how it will help your business recover quickly and confidently when the worst happens.

Instant incident response

Most cyber policies include 24/7 access to specialist breach response experts.

A high-quality cyber policy will give you experts who can help contain the attack quickly, and identify what has been compromised and how.

Reputation management

Reputation is everything and in the event of a cyber attack, it will hinge on good communication.

Even some of the UK’s biggest companies have seen their reputations damaged due to poor communications that failed to reassure customers after a cyber attack.

With a high-quality cyber policy, your business won’t fall into the same trap as it will likely provide you with public relations support that can help prevent an exodus of clients, protecting your business. 

Data and system recovery

You’ll need to quickly and effectively restore and rebuild your systems after an attack and cyber insurance can cover the cost and expertise needed to do it.

So long as your back-up systems haven’t been compromised, your insurers can help you recover quickly and patch vulnerabilities exploited by the hackers.

A breach often triggers GDPR obligations.

Cyber insurance should provide you with legal guidance and support, not only in communication with clients and data subjects, but also with the Information Commissioner’s Office and other regulatory bodies.

Protection against lost revenue

Downtime hits SaaS businesses hard but cyber insurance can reimburse lost subscription revenue and, in theory, cover customer credits or refunds, stabilising your cash flow during disruption

Ransomware and extortion coverage

If attackers encrypt your systems, cyber insurance should also cover the costs of negotiating with cyber criminals should you be subject to extortion or ransom demands.

Why it matters

For SaaS companies, your platform is your business.

Cyber insurance gives you the financial, technical and legal support needed to recover quickly and, most importantly, ensure your customers don’t lose confidence in your service.