With new, more onerous data protection laws firmly in every business operator’s mind, the risk of cyber-attacks is becoming a top agenda item across Britains boardrooms. Andrew Dix, Sales Director at UK insurance broker Gallagher, based in Metro House in Chichester, explains how a cyber insurance policy could protect your workplace from their impact
Cybercrime is on the rise, due to our increasing dependence on technology, coupled with the rise of mobile devices and cloud-based computing. Fraudsters can now target businesses
anytime, anywhere, as the National Crime Agency reported that the number and scale of data breaches continued to increase in 2017. Whilst strengthened security procedures, good digital housekeeping and
high user awareness will reduce the likelihood of your business suffering an attack, it does not guarantee that you will not be hit with damaging ramifications of a breach.
Although most companies manage their IT infrastructure internally or with a contractor, the additional costs incurred following a cyber-crime incident can be a shock to even the most prepared business. From the cost of notifying clients of the incident, to the IT forensic experts that are needed to unlock encrypted data and truly rid the system of any trace of the malware, the cost from a ransom
attack alone could be thousands.
Given that all businesses insure their buildings and their liabilities without question, in this day and age it is just as important to insure your business’ cyber presence. A tailored cyber and crime insurance policy can protect your firm against the multiple impacts of a data breach incident, but will also
manage the investigation process for you following a cyber attack. From identifying the breach and neutralising the threat, to providing your business with legal and PR advice while covering the costs to notify those affected, as well as any fines, the benefits could be priceless.
Your reputation is your strength – so why not protect it?
Compromised systems pose the longer term risk of losing loyal customers and incurring a damaged reputation. Having dedicated breach response insurance ensures the costs are covered when enlisting the help of a dedicated public relations firm, as well as the loss of future sales that arise as a direct result of loss of custom.
Data is your most important asset
Data is not covered by most standard property insurance policies. A cyber policy with comprehensive cover will include data restoration, no matter how the loss occurred.
Liability for lost third party data
Businesses hold more information on their customers and suppliers than ever before, and have a responsibility to protect it. Cyber liability insurance ensures protection against nondisclosure agreements and contracts that contain indemnities and warranties in relation to this type of breach, as well as consumers seeking legal redress in the event of loss of data.
Operating systems are critical for daily business
All companies rely on operating systems to manage their business but in the event of your business
suffering unplanned downtime as a result of a cybercrime, a traditional business interruption policy may not respond. Cyber insurance provides you with cover for loss of profits associated with a systems outage caused by such attacks. Ensuring you have the right protection in place is critical for safeguarding the future of your business. If you wish to discuss the best insurance options available to you, then get in touch.
For any further information or to get in contact, please see details below:
T: 0800 612 3760