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Six reasons why you need Cyber Insurance for your business

Six reasons why you need Cyber Insurance for your business

Posted on Aug 01, 2022

Cyber is increasingly becoming a key risk. As businesses and industries like yours continue to shift towards digitalisation we’re here to share insights and guidance to help you protect your business against cyber-attacks. 

46% of UK businesses have suffered a cyber incident in the last 12 months¹ and any business, big or small, can be targeted. Most criminal activity is not targeted at a particular business size or industry; cyber criminals use sophisticated tools to search for system vulnerabilities..

You and your employees aren’t always going to be able to spot the attempts of a cyber-attack, this is what cyber criminals rely on. In 2019 90% of attacks seen by the ICO could be attributed to human error or mistake rather than hardware or software vulnerabilities.

The speed at which you react when presented with a cyber-attack can make a huge difference on its lasting effect on your business, the first hour is referred to as ‘the golden hour’, where effective action can dramatically reduce the impact of the event. A cyber insurance policy can dovetail with existing risk management strategies to provide a rapid response to any attack, and co-ordinated access to a team of dedicated experts.

Not being able to access vital IT systems due to a cyber-attack or data breach could result in significant business interruption and reputational impact to your business. Cyber insurance covers the loss of revenue and any subsequent increased working costs, as well as PR costs.

With the accelerated pace of digitalisation, there is increasing focus on the Data Protection Legislation. Cyber insurance may cover against your defence costs, regulatory fines and penalties, where insurable by law. 

Your customers and partners want to know that cyber security and protecting their data is taken seriously. Having cyber insurance in place helps to reassure them that adequate protection is in place should an attack occur. 

To find out more about how Watkin Davies can protect your business with cyber insurance, contact us on 02920 626 226 or email insurance@watkindavies.com


¹ Cyber Security Breaches Survey 2020, DCMS Footnote 1: This source contains public sector information licensed under the Open Government Licence v3.0.

² Phishing dominates UK cyber threat landscape, shows analysis of latest ICO figures, CybSafe press release, 2020

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