Cyber Risk Management, Data and Privacy Liability and Cyber Insurance may seem like things only big corporations need to worry about, but the truth is businesses of any size can suffer a cyber incident. Understanding your risk and knowing how to manage it can make the difference between suffering a catastrophic loss or getting back online quickly.
Why do you need cyber liability insurance?
Technology, data, and infrastructure are the oxygen of modern businesses. But with an increased reliance on technology comes an increased risk to the invisible threat of cyber-crime. Around half of all UK businesses, from sole traders to large corporations, suffered a cyber security breach or attack in the last year.*
*Source: Cyber Security Breaches Survey 2020
Cyber incidents occur in many different forms, from data breaches to human error. They cause major disruption across your business, including operational downtime, financial loss, reputational damage, regulatory investigations and legal action. We’ll help you get a handle on your cyber risk exposure, giving you the tools to manage your risk and deal with the worst-case scenario.
Our specialist cyber security services and ecosystem partners can offer:
Cyber awareness training
Cyber Essentials Certification
Detection & Response
Access to a specialist Risk Mitigation team
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Friendly, intelligent, up to the mark and full of common sense.
We always come away thinking how lucky we are to have found this company and the people we deal with there – bet there’s not many that can say that about their insurance broker!
I like that you can put together a small package suitable for us as a start-up and that this can easily be adapted as our needs develop without breaking the bank on the way.
Cyber Insurance cover can include:
Protection against cost, expenses and liability arising from:
Fraud & extortion
Regulatory fines or contractual damages
Data and privacy liability
Business interruption - your lost profits and increased costs following a breach
Data breach costs - such as notification costs, IT forensics, legal representation and data restoration expenses
We’re here to help you ask the right questions, so that together, we can work on the best outcomes for you, your business and your people.
With the technological advances we’re now facing, risk has moved a long away from the traditional perils like flood and fire. Today, risks can include cybercrime (including extortion payments), theft of data in a security breach and subsequent potential notification costs, corruption of data systems and, similar to a more traditional risk, loss of revenue to the business. As well as these “first party” costs, we can also consider the implication of third parties suing you for losses, including damages and settlement as well as the cost of defending against data breaches, including sanctions levied under GDPR.
Cybercrime is always evolving, due to the lower risk involved on the part of the criminals and the higher reward. Nonetheless, some of the more common acts of cybercrime are:
- Malware – Malicious software designed to spy on your activities and steal data.
- Ransomware – The forced shut down of computer systems or illegal encryption of vital data, only released once a ransom is paid.
- Hacking – Partial or complete control of a system or functions within. Whilst this term is broad, the “hack” is often designed to steal data, install malware or upload ransomware as mentioned above.
- Phishing attacks – A form of “social engineering” that’s designed to impersonate anyone within the company, or indeed outside, with a view to ultimately tricking you into a transfer of funds.
A recent Gov.UK survey https://www.gov.uk/government/publications/cyber-security-breaches-survey-2020/cyber-security-breaches-survey-2020 released in March 2020, reported that cyber breaches are becoming an increasing concern, with 46% of UK businesses and charities reporting a cyber incident during the year. This just goes to show that whilst larger companies get the headlines, smaller companies are also increasingly becoming victims of these invisible crimes.
There are several measures you can put in place to help prevent a cyber incident.
- Promote staff awareness
- Use firewalls
- Install anti-virus protection
- Disable unnecessary functions & services on devices/software automatically set to the manufacturer’s default
- Use two factor authentication
- Restrict administrative privileges so only those that need access to certain files/data have access
- Switch off Wi-Fi if you’re not using it
- Don’t use free or unsecure Wi-Fi
- Password protect your devices and accounts
While it might be called cyber insurance, you can be covered for all types of data breach, including the loss of client folders or incorrect mailing of documents.