Cyber insurance - don’t wait until it’s too late!

The widespread adoption of technology has brought a wealth of convenience, but it also presents ever-evolving risks to you and the viability of your business. In fact, if your business handles customers’ personal data or if you use an operating system, you are directly at risk of a cyber attack.

2019’s Cyber Security Breaches Survey revealed that 32% of businesses have identified breaches or attacks, with phishing emails accounting for 80% of these incidents, viruses and other malware resulting in 27% and third parties impersonating their organisation online cited at 28%.

During the qualitative interviews for this national survey, the estimated costs of these cyber breaches ranged from around £300 to roughly £100,000 and included incidents such as ransomware attacks, emails and servers being hacked, fraud committed internally by staff and the theft of company laptops.

In the event of a cyber attack targeted at your business, prevention is better than cure.

Cyber insurance typically covers financial losses related to damaged or lost data and cyber extortion, while business interruption will help you to protect the viability of your business if you are targeted by a malicious cyber attack. IT forensics can also be included, which will give you quick access to experts who specialise in real-time recovery, ensuring that any disruption to your operation is minimised and handled efficiently.

By being proactive and taking out cyber insurance, you can help to mitigate these risks, both financial and reputational.

With our knowledge and network of specialist insurers, we are well-positioned to secure cyber insurance that is comprehensive and fully suited to your requirements. To find out more about how we can help you, please get in touch with our team.

Source: assets.publishing.service.gov.uk