Cyber attacks are on the rise. Is your business protected?
Over the past few years many high-profile businesses have fallen prey to cyber-attacks and data breaches, but it’s not just global companies that are at risk; according to Government figures, 74% of small businesses in the UK experienced some kind of cyber incident last year.*
As we grow ever more reliant on technology, the risk of suffering losses through computer systems or the hacking of sensitive customer data increases. A data breach, interruption to your systems, or a fine for failing to keep customers’ personal data secure could have a serious impact on your business. It could be caused by a lost laptop or memory stick, a hacker attack, or an email sent to the wrong person.
Your business could suffer financial losses or penalties and reputational damage in the event of a cyber attack or data breach.
An attack may interrupt your business operations leaving you unable to receive orders or access bookings. You may have to pay a ransom to restore access and your systems may be permanently damaged and require specialist support to restore. If customer data is stolen, you could incur substantial fines from the Information Commissioner’s Office and also have legal action taken against you.
How cyber and data risks insurance can protect your business
In the event of a claim you will be offered financial compensation and given access to a team of experts, who will work with you to minimise your loss and the possible damage to your business. This includes:
- Access to a worldwide network of privacy lawyers and technical specialists.
- Practical support in notifying customers and regulators and providing ongoing credit monitoring.
- Compensation for loss of income if a hacker attack prevents you from earning revenue.
- Reimbursement for the costs of repair, restoration or replacement of websites, programs or electronic data caused by hacker damage.
- Cover for ransom payments and access to the services of a risk consultancy firm.
- Expert support from a leading public relations firm to mitigate reputational damage.
- Cover for the costs of regulatory investigations and the settling of civil penalties where allowed.
- Protection if you mistakenly infringe someone’s copyright, for example by using a picture online without permission, or inadvertently libelling a third-party in an electronic communication.
Additional cover options available
- Cyber crime - covers direct financial losses from the theft of money, property or digital assets following an external hack.
- Telephone hacking - pays the costs of unauthorised telephone calls made following a hack.
Get in touch
Cyber and data risks insurance may cost less than you think, contact us to discuss your requirements.
*Source: Cyber Security Breaches Survey of 256 organisations 2015 by Dept of Culture, Media and Sport.