Cyber Insurance
As cyber criminals become ever more sophisticated, all businesses need to be more vigilant than ever.
As businesses become ever more reliant on technology, the risk of suffering a loss related to problems with computer systems, holding sensitive customer data such as names and addresses or own employees payroll data, continues to grow – despite tighter controls through GDPR regulation.
Modern cyber threats pose unique challenges.
A single attack can lead to a lot of consequences and understanding the nature of the risk exposure
is a real challenge for insurers. Cyber threats are still generally human driven, whereby those planning an attack will study the defences in front of them and try to circumvent them – so it is always a battle to stay one step ahead of the threat. The threat to your business arising out of Cyber Security issues has never been greater, and every day stories appear regarding a new virus, a new
hacking attack or the loss of data suffered by a business.
As cyber criminals become ever more sophisticated, businesses can be infected by ransomware via a number of routes but typically email, through accessing malicious websites or due to flaws in
installed software (and omitting to apply updates and patches).
If your business does not have cyber liability cover then you are potentially exposed to huge financial losses that can be incurred when digital assets come under attack. This can lead to costs from handling a data breach, lost revenue, a damaged reputation, and legal and regulatory costs, not to
mention business disruption.
How would your business survive if systems were attacked by a hacker? There is no doubt as to the severity of business interruption caused by a cyber attack and how the ever expanding digital world
risk of exposure is growing exponentially. We work closely with specialist insurers who provide specialist cover designed to protect your business if you are subject to an attack by a malicious
hacker or suffer a data breach.
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