Cyber threats present a huge risk to businesses, but many don’t have the technical or insurance plans in place to prevent them or limit the damage. Cyber insurance provides businesses with protection against financial costs resulting from operational system failure along with the loss of personal and /or corporate data, which is the subject of the new General Data Protection Regulation requirement. Cover addresses both the first and third party risks associated with a system failure.
Cyber risk is growing rapidly and any companies who use electronic computer systems are vulnerable to attacks including deliberate attacks of data theft by criminals and also those caused by their own human error. At the moment, despite more than 46% of businesses and 68% of large businesses suffering a cyber security breach in a 12-month period, only around 38% per cent have any form of cyber insurance. (Source – UK Government Cyber Breaches Survey 2017). How could my business be affected?
While your business may not trade online most businesses rely on I.T. systems in some way to operate effectively and if these systems were compromised, the business could find that their operations are severely hampered.
For example, what would a haulage company do if it was unable to access delivery information? how would a retailer react if customer information was stolen or how would a hotel operate if it was unable to take bookings or even view who was due to arrive?
How can Cyber Insurance help?
If your business experienced a cyber-attack it’s important that you have professional support to investigate and resolve this as quickly as possible, here are 5 ways Cyber Insurance can help:
1 - Investigation
Within an hour of notification you would receive expert support to identify what has occurred, if data has been affected and how the incident can be resolved
2 - Minimise Reputational Damage
You will receive professional Legal & PR advice to help restrict the reputational effect of the attack.
3 - Costs of notifying data subjects
If data is stolen, you may have a duty to notify the affected subjects and provide credit monitoring for the subjects involved. Cyber insurance can cover the cost of this along with paying any resultant liabilities you may have as a result of the security failure.
4 - Fines & Investigations
You will be provided with professional assistance to prepare for any investigations and cover for fines and penalties imposed by the Data Protection Regulator.
5 - Loss of Profits
Cover can also be provided for any loss of net profit as a result of a material interruption to your network caused by a security breach.
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