Cyber Insurance

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Cyber insurance

You’d be forgiven for thinking that every UK company must now be aware of, and adequately protected against cybercrime. After all, last year the UK Federation of Small Businesses reported that 19,000 cybercrimes were committed each day against smaller businesses alone.

So are you protected? And do you have the right policy to safeguard both you and your customers from the effects of the myriad cyber crimes now prevalent? 

 

Are you an attractive target?

If you run an SME, it’s unlikely you’ll have the same level of cyber protection as a large corporation. But any of the following will make you a likely target for a cyberattack:

You are part of an information supply chain that can give hackers access to larger companies

You keep any client, customer or employee data, such as names, date of birth, addresses, or any other data belonging to them

You have home-based or mobile staff who can access your IT system and data remotely  

If you have this combination of low defences and potentially high gains, to the cybercriminal you’re low hanging fruit, waiting to be picked. 

 

What kind of attack could you suffer?

There are many cyber threats. Here are just a few of the most common:

Extortion through ransom – hackers take over and disable your IT system, paralysing your company. They’ll put it back online if you pay their ransom. Unlike Hollywood thrillers, this won’t run into the mega-millions – just enough to be affordable for you and very profitable to them.

Phishing – takes many forms but in companies, it relies on your staff not spotting fake invoices to pay for imaginary goods or services, or false requests to change standing orders for payments. Some cybercriminals will even send bogus emails to your junior staff purporting to be from senior management authorising payment to false accounts.

Employee fraud – current or former staff abusing your corporate information such as account logins and company credit cards to steal from you.

 

Getting the right cover

Cybercrime is both complex and ever-changing. So the most important first step to take is to get specialist advice on the right cover for you. For example, losses incurred as a result of a data breach is one potential liability, but so is the cost of you unintentionally transmitting a virus to another organisation. And if that organisation is an important customer, you can add potentially irreparable reputation damage to the financial loss.

So your insurance should not only include the cost of forensic investigation to trace the breach and restore your network, but also funds to manage cyber extortion and undertake PR work to contain and repair reputational damage.

Cyber cover can also include business interruption cover for loss of gross profit whilst your business is unable to trade due to a cyber attack.

At Prima, we will ensure you have the cyber insurance appropriate for your organisation, and we will also work with you continuously to make sure that your cover keeps up-to-date with the never-ending changes in cyber crime.

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