Cyber Insurance

Would your business survive if you could not connect to your customers and clients?

 

Have you switched to working remotely recently? Would you have survived the last few weeks if your online shop was not able to sell product, or if your coaching business couldn’t be maintained without Zoom, or perhaps your sales team remote access central systems malfunctioned? What if you were unable to access your client data to market to as someone was holding you to ransom? what if this time it was a digital virus and it obliterated your business?

Cyber insurance can cover all of that and so much more and really isn’t expensive for the protection it will give your livelihood and business.

 

Who needs Cyber Insurance?

Most businesses no matter the size require cyber insurance.  It is a misconception that only large corporations will become vulnerable to an attack.  Cyber criminals identify small businesses as being vulnerable so therefore target these, creating devastating consequences smaller companies don’t have the budget to cope with.

If you rely on a computer system, have a website, hold important customer or employee data and use online software then cyber insurance should be essential protection you can’t afford not to have.

cyber insurance

Would you benefit?

What does Cyber Insurance Cover?

Cyber Insurance can cover a range of different factors, from compensation for the business disruption to public relations from the fall out of a cyber attack should you require public image repair. 

In order to understand the specifics of what your business would require from a cyber insurance policy, it is useful to do a self-risk assessment, so you know what to factor in.

how could hacking damage your business?

Reports recently have indicated that almost half of UK businesses have now been subject to a security breach or hack. Whilst fresh figures indicate these statistics may rise again this year, it’s worth considering whether hackers are becoming smarter or individuals and businesses are failing to protect themselves appropriately. 

As prevalent now as it has ever been, hackers target businesses of all sizes for a multitude of agendas. If a hacker breaches a business’ IT network, they may gain access to customer information, potentially exposing sensitive data. If a business falls victim to ransomware, they’re pressured into paying off the hacker in order to regain control of their data.

Worse still, hackers may steal, delete or leak intellectual property, which could cause reputational damage, huge financial losses and CEO, director or staff dismissals. Ultimately, a large-scale hack could push a business into insolvency regardless of size or stature. 

Terrifyingly, this could all be started by clicking what seems to be a legitimate link in your personal email inbox. Ciaran Martin, head of the UK’s National Cyber Security Centre, posited that a serious cyber-attack on a national scale is a matter of when not if. Are your business and its employees shrewd enough? Will you be ready should a major attack occur?

If you have security concerns for your business or feel you or your staff are untrained to deal with such an event, contact PH7 Insurance Brokers for a risk assessment of your business.

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