The risks from suffering a loss related to problems with computer systems, or from holding sensitive customer data, continue to grow. This can lead to lost revenue, a damaged reputation, and legal and regulatory costs, not to mention the associated business disruption.
According to a report by the UK government, 32% of businesses and 22% of charities experienced a data breach in the last 12 months. Just 11% of businesses and 6% of charities have a cyber-security insurance policy. Don't ignore your organisation's cyber risks.
All businesses are at risk and small businesses are in fact a bigger target than ever because they typically hold far more data than the average consumer, but often don’t have any additional preventative measures in place to protect themselves. Most cyber attacks are random and indiscriminate, often sent just to see who's system will be breached so you may not be a "target" but still get caught out.
Whilst hacking of payment processing software is an obvious tactic, criminals are highly opportunistic and can benefit from stealing a wide range of data from businesses.
Our Cyber and Data Insurance offers comprehensive protection for your computer systems and data (electronic or non-electronic).
Misunderstanding of the threat posed by cyber crime is leaving SMEs vulnerable to losing information, profit and customers. The average cost of a security breach is between £65,000 and £115,000 and can result in a business being put out of action for up to ten days.