Many small businesses think they are too small to be targeted by cyber criminals however, recent statistics show that 74% were affected by a security breach in 2015. More worrying is the fact that it can take an average up to 231 days before the company is aware of being hacked. A lot of damage can be done during this period.
 
£65 - £115K is the average cost of a security breach to a small business*

Cyber_risk_insuranceAs we rely more upon technology, the risk of a cyber-attack increases. Most businesses hold information about customers, employees and banking details on their computer systems that are the backbone of their business management. The result of a security breach could damage the viability of the entire business.

The government backed Cyber Essentials scheme (see link below) provides useful information to help protect your business against hacker attacks. However, as they say in their document “You can never be totally safe, but most online attacks can be prevented or detected with basic security practices for your staff, processes and IT systems”.

For peace of mind and to limit the financial implications of an attack, you may want to consider an insurance policy.

What does cyber security insurance cover?
Cyber and data risk insurance will provide support and help to protect your business from some of the financial consequences of a cyber-attack if a hacker gains access to your computer systems.

It provides you with comprehensive cover and a trusted partner to help reduce the effects of a security breach:
  • Mitigation of the financial impact of data leaks
  • Advice and support for your IT department
  • Managing the risk of any adverse publicity
  • Protection from third party claims against the company
  • Regulatory fines for data breaches
  • Loss of profits while recovery is taking place
  • Professional fees
  • Breach coaching
  • Costs involved with limiting damages and recovery of data
  • Theft of hardware or system access codes
  • Data breach by an employee
  • Legal advice and professional fees

The support is provided by a cyber incident response team and policy holders can also benefit from assistance after a data breach, to help restore systems and firewalls.

For a full breakdown of the cover available and to discuss your requirements with one of our Account Managers, please contact us on 0121 321 4600 or complete our enquiry form.

* https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/412017/BIS-15-147-small-businesses-cyber-guide-March-2015.pdf