A report released in 2018 showed that 43% of UK businesses had suffered a cyber security breach. Hackers are not concerned about the size of your business, but rather your level of vulnerability. The best form of defence against a cyber attack is to protect yourself with knowledge, procedures, software and an insurance policy that offers security, guidance and support.
You should particularly have a Cyber policy in place if you:
- Take card payments
- Hold sensitive customer data such as names, addresses, emails, banking information
- Are reliant on computer systems to conduct business
- Have a website or app
- Have staff who utilise email daily
Cover Can Include:
Reputation can be everything to a business, and once tainted it is hard to get it back. If a hacker is successful in stealing data or information from your business, your cover will provide you with specialists to help minimise the reputational damage to your business. The quicker you notify your Insurer of a breach, the better they can contain the damage.
Cover For Ransomware
If you suffer a breach, you may be held to ransom for a large sum of money. In which case, if you have the correct Cyber policy in place and have met all the policy conditions, your Insurer will pay the ransom on your behalf. They will also perform a site analysis to check if the hackers have left anything behind and if they can get in again.
This may sound like an outdated method with emails asking to transfer money, but hackers are becoming more sophisticated in masking their efforts and unfortunately people are still falling victim.
Often thought of as a traditional scam, phone hacking in the form of premium rate scam numbers still exists. A cyber policy can you protection in the form of paying these bills on your behalf.
Find the right level of cover for your business:
When thinking about what you might need form your cyber policy, you should take into consideration:
- The amount and type of confidential, personal or sensitive data you hold – both for your clients and employees
- The size of your business
- Your dependence on computer systems
If you are unsure, we will guide you through the process.