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Cyber Liability Insurance
With GDPR legislation about to come into effect on the 28th May now is the time to make sure you are covered incase you are unfortunate enough to suffer a cyber-attack or data loss.
You have a duty of care to protect the data who hold on your customers. According to HM Government & Marsh UK Cyber Security Report in March 2015 52% of businesses think they have cyber cover but in reality less than 10% actually do.
Businesses big and small can be affected by cyber risks and according to the HM Government & Marsh report 60% of small businesses suffered a cyber security breach in 2014.
How can Cyber Risks affect businesses?
- Virus or hacking attacks which stop customer transactions.
- Corruption of damage of data.
- Theft of intellectual property.
- Loss of customer, supplier or critical process data.
- Consequent liability to a third party, including associated litigation, fines, costs awards and damages.
- Subsequent damage to reputation as a result of the attack.
- Loss of Gross Profit or Gross Revenue.
So what is ransomware?
Ransomware is a form of virus that encrypts your files, making them inaccessible. The criminals behind the attack then demand a ransom payment in exchange for the decryption key that will restore access. Ransomware is fast becoming a ubiquitous security threat, with nearly 54% of all businesses experiencing an attack in the past year, according to specialist research.
So is your business at risk?
If you can answer yes to any of the following then yes it is:
- You hold sensitive customer details, such as names and addresses or banking information.
- You are reliant on computer systems to conduct your business.
- You have a website.
- You are subjected to a payment card industry (PCI) Merchant services agreement.
What will a standard cyber policy cover?
- Support in event of a data breach.
- Compensation for loss of income.
- Payment of the costs associated with regulatory investigations.
- Reimbursement for the cost of repair, restoration or replacement.
- Liability protection if you mistakenly infringe someone’s copyright.
If you are looking for Cyber Insurance please call Gavin Fisher on 0800 085 3761 and he will be able to give a quotation.
As an approximate guide please find below some examples of our insurance premiums based on a policy excess of £2500. Ring Gavin on 0800 085 3761 for the best rates as we have other underwriters that we can use.