You may think you’re not likely to be affected by a cyber breach or attack, but any business can suffer, not just well-known IT and financial companies.
All businesses hold information, whether that be personal data or credit card details, and so each one is at risk. Threats can come in different forms with different levels of severity. From cyber criminals attempting to steal data for competitive advantage, to unintentional errors such as the loss of a laptop or the inability of a business owner or employee to spot attacks or other malicious activities.
A single incident could seriously damage your business, by causing financial losses through theft of information, bank details or money. You could experience disruption to trading and need to pay the cost of cleaning up affected IT systems. There are huge fines in place for a breach of GDPR (General Data Protection Regulation) through the loss of personal data, plus you could cause damage to other companies you supply or are connected to, and lose future contracts. The damage to your reputation could be significant, as the trust you’ve built up with both customers and suppliers could be lost in an instant if their data was compromised.
Your business, your money, your reputation, your customers and suppliers, your data, your IT equipment/technology and email services are all at risk if you suffer a cyber incident such as a ransomware attack, which would grant unauthorised access to accounts and sensitive information.
As a business owner you would know what to do if there was a burglary at your premises, but you might not necessarily know what to do in the event of a cyber breach or cyber attack. Acting fast is key and expert advice can make all the difference. Yet, according to GlobalData’s 2020 UK SME Insurance Survey, the uptake of cyber insurance among SMEs remains low.
Cyber insurance (also known as cyber liability insurance or cyber security insurance) is designed to protect businesses against financial loss resulting from a range of cyber threats and exposures, including cybercrime, data breaches and system interruption.
The Insurance Octopus is able to offer customers a number of levels of cover through a number of insurance providers offering tailored cyber insurance policies. One policy offers market-leading incident response, broad business interruption cover, cover for cybercrime and data breaches, plus free access to a mobile app that provides 24/7 support. While another is for companies with a turnover of up to £250million and focuses on providing comprehensive cover for first party, third party and reputational management costs, as well as support from cybersecurity experts.
Lee Hull, CEO of the Verastar Group, which owns The Insurance Octopus, commented:
“Managing the risk of cyber security is vital and having the right cover in place can mean the difference between recovering quickly or going out of business. We’re delighted to be able to offer customers a range of cyber insurance products and we continually review the market to identify any new cover which we believe will suit their requirements.
Not all business insurance includes cover for all types of Cyber Security Incident, so it’s vital for SMEs to check their policies to see if they are covered. There is also a growing trend for companies to be contractually required to hold cyber insurance.
As is true with all TIO insurance products, we offer customers peace of mind, knowing that they have financial protection if a cyber-related incident did occur.