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.
Is your business at risk?
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.
What are the risks?
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.
Protect your business
Our Cyber and Data Insurance offers comprehensive protection for your computer systems and data (electronic or non-electronic).
- Practical support in the event of a data breach including forensic investigations to find out what went wrong and confirm whose data has been put at risk, legal advice, notifying customers or regulators, and offering support such as credit monitoring to affected customers;
- Compensation for loss of income, including where caused by damage to your reputation, if a hacker targets your systems and prevents your business from earning revenue;
- Payment of the costs associated with regulatory investigations or claims for damages made against you for failing to keep customers’ personal data secure.
- Reimbursement for the costs of repair, restoration or replacement if a hacker causes damage to your websites, programs or electronic data;
- Liability protection if you mistakenly infringe someone’s copyright by using a picture online for example, or inadvertently libel a third party in an email or other electronic communication.
- Theft of funds electronically where you systems have been breached (including social engineering)
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.