Protect the perimeter fence of your business!
It’s a fact that 1 in 3 small businesses in the UK have fallen victim to cyber crime.
How would your business react to a cyber incident?
Does your business:
- Have a website?
- Use a computer to run the business?
- Take card payments or make electronic payments?
- Hold customer, supplier or employee information, like names, addresses, bank details or email addresses?
If so, you have a cyber risk to consider…
If your business systems are targeted by a hacker or suffer a data breach, it will cost money to rectify. You may even have to deal with any reputational damage and loss of income.
It’s important to take a proactive approach when fighting cyber crime. Online criminals employ many sophisticated techniques to gain access to your data and ultimately try to disrupt your business.
There are many ways in which you can help minimise potential disruption such as:
- Train your staff on the importance of data privacy.
- Download security updates as soon as they are released.
- Keep your anti-virus software up to date.
- Regularly back up important data and contacts.
Cyber cover will safeguard your business from being overwhelmed by expenses and provide you with expert assistance as you deal with this complex problem.
What is Cyber Liability Insurance?
Cyber Insurance provides businesses with protection against financial loss resulting from the loss of personal and/or corporate data. Cyber Liability Insurance also addresses third-party risks ranging from the loss of a single laptop or file, to the hacking of a company’s website or network.
Risk Types
We can break Cyber risk into two main sections:
Data Liability Event
- Loss or suspected loss of third party data for which the client is legally responsible.
- Breach of worldwide privacy legislation.
- E.g. Lost laptop, Stolen storage device/rogue employee.
Network Security Event
- Negligent or inadvertent transmission of malware to a third-party.
- Negligent failure to secure the network or computer system
- which results in unauthorised access.
- E.g. Virus transmission, hacker attack, extortion.
Do I Need Cyber Liability Cover?
Cybercrime is one of the fastest growing crimes in the world and most attacks are not covered by standard property crime insurance policies. There is a lot of sympathy in the consumer market when it comes to Cyber-attacks, however being prepared is much better than clearing up a mess.
With the GDPR regulations you now have increased responsibility for your data and there is also an increase in cost of a data breach.
As well as the Cyber Liability Cover, Roxburgh Insurance Brokers can offer you local underwriter expertise which will help minimize any loss from within your business.
Roxburgh Insurance Brokers will also give you access to Cyber security updates with monthly newsletters which will help you understand your business exposure and vulnerability to ensure you have the best response plan.
