New technology… new risks
Nowadays we all need to consider cyber risk and risk mitigation strategies as part of our basic corporate governance.
As business become more and more reliant on IT systems they are increasingly at risk through their use of online networks and electronic communications.
Cyber liability cover varies widely from policy to policy but can include the following:
- Data issues (loss, theft, interference or corruption)
- Identification & containment of system issues (establishing what’s been hacked and how to stop it)
- Regulatory requirements following data breach
- Defamation issues following outside interference in systems
- Loss of client monies
- Loss of own monies
- Ransom attacks
- Loss of profit to the business due to cyber-related interruptions
- Public relations consultancy to address and contain reputational damage
- Crisis response (especially in the first 48 hours of an attack)
The risk is real!
- There is a misconception that it is only larger businesses that are prone to cyber-attack.
- In reality, 1 in 3 attacks target smaller organisations with less robust IT security systems.
- The average cost of an information security incident for a small business is currently £60,000.
- To put the risk into context, the cost of cyber crime to UK businesses is estimated at £27 billion per annum; compared to £6.6 billion lost due to fire!
Contact us today to review your cyber liability cover now!