Call us now on: 01494 450 450

Is your business covered for cyber crime?

No business is too small not to be under threat of cyber crime. - Saturday, Mar 05, 2016

Get a Quick quote

Want to find our more?
Would you like us to call you?
Fill in the form below and we'll get back to you.

Is your business covered for cyber crime?

Are you covered for Cyber Crime?

A Government statistic from 2014 estimated that 81% of large companies and 60% of small businesses suffered a data breach. The cost can range from £600,000 to £1.15m for large businesses and £65,000 to £115,000 for smaller ones. Cybercrime is no small problem

Simon Calderbank, senior underwriter, IT at HCC recently said  “ cyber criminals don’t care what size a firm is. Hacking into a large firm can take ages so we’re seeing more cases where the cyber criminals target their suppliers instead. As their security may not be so robust, it can be a much easier way to get hold of the same data.”

Even something as simple as human error can still be costly. A laptop left on a train or emailing data to the wrong person can result in significant penalties under the Data Protection Act, and with the European Parliament set to change the EU Data Protection Regulation by 2017 planning ahead for your business is a must. 

The main types of cyber crime are
  • Virus/malicious software infection
  • Ransomware
  • Phishing
  • Denial of service attacks
  • Unauthorised network access by outsiders/employees
  • Intellectual property/confidential theft

The term "Personal Data" is bandied around but how many of us know what it actually means? Personal Data is the data from which you can identify a living individual. The threshold for a breach in this area is pretty low. For example an employee’s email address contains the employee’s name and where they work. A look through the company’s website might say how long the employee’s has worked at the company and what their role is, making this ‘Personal Data”

So what can you do?

Get a risk management policy in place. Ring us 01494 450 450 as we can help you with that. We can take you through a simple cyber liability policy, which should cover you for first and third party liability as well as giving you access to various benefits.

Top Tips to reduce your cyber risk:
  1. Network Security - Protect your networks against external and internal attack
  2. Get Malware Protection 
  3. Establish a monitoring strategy
  4. Education and awareness training
  5. Create a home and mobile policy
  6. Ensure continual secure configuration
  7. Have a policy for all removable media
  8. Manage user privileges
  9. Set up and test an incident response and disaster recover policy.

Source: GCHQ

So, if your business
  • holds sensitive customer data such as names, addresses or banking information
  • is reliant on computer systems to conduct your business
  • has a business website
  • is subject to a payment card industry (PCI) merchant agreement

 

Your might need insurance protection so please give us a call on 01494 450 450 and we will be very happy to come and have a chat with you to discuss your options and what kind of cover would best suit you.

Finally this is worth checking just in case you think you are covered here are some common misconceptions which will mean you will NOT have adequate cyber cover:

  1. Professional indemnity and liability policies may include a degree of 3rd party cyber liability cover but usually will not cover your own costs.
  2. Business interruption insurance does not provide cover for non physical damage.

As a business you can also get help from the government run scheme Cyber Essentials Certification which encourages best practice.

 

 

Get a Quick quote

Want to find our more?
Would you like us to call you?
Fill in the form below and we'll get back to you.

What people say about us...

J Bennett & Son allowed us to focus on our day-to-day business by taking all the heat out of an incredibly stressful situation. This has taught me a lasting lesson about the value of having a professional insurance broker.
Cormac Murphy
Intuitiv
Aylesbury
read more testimonials...
Is your retrieve vehicle correctly insured?
Is your retrieve vehicle correctly insured?

As a balloonist, you can’t be successful without a good retrieve.

read more
How the new discount rate may change your insurance
How the new discount rate may change your insurance

Changes to the Discount Rate and how it will affect your insurance   Part of our duty as your insurance broker is to keep you up to date with changes in the industry which may have an impact on you and your insurance policies.

read more
Business Survival Insurance
Business Survival Insurance

  What the industry calls Business Interruption or Loss of Profits Insurance, is actually cover your business needs to survive!

read more
Glossary

Not sure about some technical jargon or insurance gobbledygook?

click here!

Our website uses cookies. Cookies enable us to provide the best experience possible and help us understand how customers use our website. Our site won't work without them. By continuing to use our website you accept our use of cookies. Find out more about cookies.

×