Cyber Insurance
Whilst many believe that cyber threats only affect larger businesses, SME organisations are just as much at risk. The latest UK statistics for cyber-attacks against small businesses found that small firms across the country suffer close to 10,000 cyber-attacks per day. According to research carried out by the FSB (Federation of Small Businesses), more than a million firms annually are subject to phishing, malware and payment scams. It also found that the annual cost of these attacks to the small business community equates to £4.5 billion, with the average cost an individual attack costing around £1,300.
A business is responsible for managing its own cyber-security, but in the unfortunate event that an incident does occur, having the right insurance in place means that you have the support to get back on your feet as soon as possible.
What does cyber insurance cover?
Cover can help recuperate the costs of investigating a cybercrime or recovering lost data. It can also help towards the cost of restoring computer systems as well as loss of income that could be incurred due to a business shutdown or for reputational management in the aftermath of an attack. Third-party coverage protects you against claims made against you and helps cover any legal costs you may have accrued.
Who needs cyber insurance?
If your business uses, sends or stores any electronic data then you are at risk of a cyber-attack. The financial and reputational losses that can occur as a result of a breach can be monumental. We can help to find you a bespoke insurance solution to protect your business from the ground up.
