These days we all rely heavily on our computers and computer systems. Whether you are an individual with one laptop or a multi-national business with a global network, any incident that disrupts our computer usage can be devastating. Incidents include:
  • An employee opening an email containing a virus
  • Employees losing removable media such as a memory stick or laptop
  • Server infiltration by hackers
  • Home and mobile working reducing security levels
These incidents may be more prevalent than you think; 60% of small businesses suffered a cyber security breach in 2014*

Cyber-crime-insuranceCyber risks come from a range of threats which can be covered by suitable cyber risk insurance.

You may think you are covered by your commercial insurance for some of these incidents, such as loss or damage to hardware, but a specific cyber insurance policy will cover much more and provide proper support when you need it most, for example, a typical scenario could be:
  1. A successful attempt has been made to infiltrate your computer systems and data has been stolen or corrupted. You will need help from experts who can provide immediate support and advice.
  2. The stolen data is sensitive and could cause serious damage to your company’s reputation. You need legal advice and public relations support to minimise any adverse publicity.
  3. The data accessed contained personal details and financial information. Claims for damages could follow and you need to cover your legal costs and any compensation.
  4. Your IT department or external consultant will have to restore the information that was lost or stolen. You need to cover the resulting costs.
  5. However, your IT department may lack the resources or the knowledge to resolve and fix the breach. You will need the support of a team with the skills and experience to protect your business as soon as possible.
  6. Disruption to your business, while you resolved all of the issues, resulted in loss of sales and revenue. You will want compensation for those losses.
There are many other implications to consider when thinking about protecting your computer systems and infrastructure and every business will have different risks.

This is where an insurance broker can help. They will be able to assess your exact needs and find the most suitable policy for your business.
*HM Government & Marsh UK Cyber Security Report March 2015