Cyber Insurance – understanding the benefits for small businesses
It is important for you to understand the threats that can be posed online and gain an insight into the benefits of insuring against online attacks.
Cyber crime can be either intentional or accidental and instigated from both internal and external sources. It happens all too often to businesses. This means that there is potential for both smaller and larger businesses to become victims of this crime and the risk has become greater than ever according to the latest Government research, a report named ‘UK Cyber Security: The Role of Insurance in Managing and Mitigating the Risk’, confirms that “Cyber attacks against UK companies present a daily threat to normal UK business operations and are increasing in severity”.
A representative of one small company that came under fire by a Trojan virus explained “We’ve always been really strong on our IT integrity, ensuring that we have all the latest practices in place and the very latest Firewalls, but they still managed to attack us”.
“This cyber attack has cost my business money – a new computer, the rebuilding of the old computer, a new firewall and a member of staff not being able to work for half a day. But what if we had lost customer data, how would we have coped with the required remedial measures? I truly believe that all businesses need to have cyber cover in place and that’s exactly what I’ve done”.
How can cyber insurance provide a solution?
We are aware that the subject of cyber crime can appear frightening, however, insurance is available to safeguard businesses against the losses than can result from Cyber crime. However, in reality executives frequently overestimate the cover that they have in place. Here at The County Group, we can provide Cyber Liability Insurance tailored to your business’ needs.
Although commercial and business insurance offer some protection to SMEs, our cyber insurance policies are available to specifically cover against a host of risks including:
- Data breach/privacy crisis management cover
- Mulitmedia/Media liability cover – third party damages covered
- Extortion liability cover – losses due to a threat of extortion
- Network security liability – costs related to data on third party suppliers
Please contact us to discuss cyber insurance or request further information on how it can help by calling 0333 400 2314!