Why does your business need Cyber Liability Insurance?
You may have a great firewall and anti-virus system. This is all well and good but data breaches happen all the time.
In 2013, 81% of large businesses and 60% of small companies in the UK suffered some form of cyber attack. This ranged from an attempt at gaining unauthorised access to a full blown access breach with details stolen. A small business in the UK will lose between £65,000 – £115,000 on average as a direct result of a security breach.
It doesn’t matter how big or small the business is, if hackers want to steal email addresses and customer information, they won’t be put off by the size of the company.
While existing insurance policies such as commercial property, business interruption or professional indemnity insurance may provide some elements of cover against cyber risks, businesses are increasingly buying specialised cyber insurance policies to supplement their existing insurance arrangements, particularly if they:
hold sensitive customer details such as names and addresses or banking information;
rely heavily on IT systems and websites to conduct their business;
process payment card information as a matter of course.
If you would like further information for a quotation or just further information on Cyber insurance, please contact me on 01229 813388 or email email@example.com
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