Call Us
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
Recent News
Search News
Categories
What Our Customers Say
Mal Elwood
"Very efficient, always friendly and helpful. I have used Watkin Davies for years, and they have always been competitive. I received great support recently when I had to make a claim, so I'd highly recommend them."
A Ali
"I was very impressed with the quality of the service - it was outstanding. The advisor, Ms Spear went above and beyond to give me the best driving insurance policy. The policy I have received is exactly what I was looking for. Thank you so much Ms Spear!"
Adam Kearns
"I've used Instructorcover Plus for my driving instructor insurance for a number of years. Not only are prices competitive, even at renewal, but customer service is fantastic. Call operators are always cheerful and incredibly helpful. Everything is always sorted in a single call, saving valuable time. Highly recommend."
Macca Ginger
"Absolutely superb service from the team, particularly Natalie. Very easy and simple process"
steve rudgley
"As aways very efficient"
Barrie P
"I have used InstructorcoverPlus for my driving tuition insurance for a number of years. Their prices are always competitive and everyone I speak to is friendly and helpful."
Kathryn Parkes
"Ceri was very helpful and knowledgeable on the phone"
John Gabriel
"Karrie Brewer was so helpful today, especially as one insurance company would not quote, so had to shop around for us, many thanks"
Sulman Khosty
"Kelly is amazing. Very helpful and friendly, did a great job today with helping me out to get insured. Amazing service!"
Andy Amadi
"Great service. Got my first driving instructor insurance with this firm. Price was competitive and customer service provided by Jane was great. I will definitely recommend the service."
Lynne Turner
"Team were very helpful when it came time to renew my policy, taking the time to check and make any amendments needed. Would highly recommend."
Nikki Mellin
"5 stars!"
Pam Durbin
"Excellent service from Watkin Davies as per usual. I love the way they do all the hard work researching best quotes and provide you with your options. All the staff are very friendly and professional, I have to highlight Ceri who always does a fantastic job for me and my family."
Steve P
"Really helpful and efficient customer service, friendly and knowledgeable too. I would highly recommend InstructorcoverPlus."
Ricki Dango
"I m a returning customer and what a wonderful experience. Emma is new to her role but she was very helpful and polite throughout. She got the quote done very quickly and managed to beat all my other quotations. I therefore didn't have to waste any more time. Further she offered me three instalments at 0% which is helpful in this current economic climate. The paperwork was sent straight away. Highly recommended."
Gary Williams
"Once again, could not have been more helpful! Still a pleasure to speak to a 'real person' who knew what they were talking about!"