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Entries close 31 March 2021.
If your company has a computer system – whether it’s for trading purposes, using the internet, for sending and receiving emails or for storing data, Data and Cyber Risk Insurance must be considered as essential.
With the headlines full of news about cyber attacks, how do you know if your company is at risk – and how can Cyber Risk Insurance help?
Cyber incident response costs
Including IT forensics, legal, breach notification and crisis communications.
Including social engineering, theft of personal funds, cyber extortion, ransomware, attacks and unauthorised use of computer resources.
System damage and business interruption
Including full data re-creation, income loss and extra expense, additional extra expense, consequential reputation harm and hardware repair and replacement.
Network security and privacy liability
Including management liability arising from a cyber event and regulator fines and penalties.
Including defamation and intellectual property rights infringement.
Technology errors and omissions
Modern life means even the least technologically savvy firms need protection. Everything from your smartphone to email account are areas that a hacker would love to get access to. Larger businesses often have internal IT departments and some even dedicated Cyber Security teams.
This means cybercriminals are fast turning to smaller businesses for an easier target. Without the right cover, in the event of a breach you could be on your own to pick up the pieces. With our Cyber Risk Insurance solutions, we offer a range of assistance beyond the insurance cover itself, including access to expert training and cyber risk reports from industry professionals.
When you think of cybercrime, you will probably conjure up an image of a shady individual tracking down your password and gaining access to your email account. While that is certainly one aspect of cyber risk, there are numerous types of breach. These include:
Phishing is when attackers attempt to trick you into doing ‘the wrong thing’, such as clicking a bad link that will download malware,or asking you to follow a link to a dodgy website where personal information is then asked for. Mainly using deceptive emails that seem to be from a safe or recognised person, a hacker will try to get you to follow instructions to obtain information such as bank account details or personal data.
By installing malicious software – Malware – onto your devices or network, cybercriminals can gain control of your computer and steal, delete or corrupt your data. It can also allow them to take control of your devices to attack other organisations or use services, such as premium rate phone calls, that cost you money.
Often thought of as a person manually trying to learn your email and access your accounts. Cybercriminals can actually use automation to discover your login and password details if not properly secure. Once in, they can steal and sell on your data or even hold you to ransom.
A particularly nasty type of Malware. Once downloaded, this malicious software can effectively lock your device or even your entire network from functioning. Once locked down the cybercriminal can then demand a fee to remove the software and release your data.
While we can’t comment on any existing policies without reviewing them, if cyber cover is included in your general business insurance, the cover is likely to be minimal. The number of risks and the ramifications of a breach are far too high for most providers to provide comprehensive and wide-ranging cover as part of your standard policy.
Even if you do have some form of cover you may wish to consider whether it is providing the right protection for your business. We are able to provide insurance solutions that include proactive steps such as training and cyber threat assessments.
Companies store a lot of sensitive customer data. If criminals get access to company databases and the data is breached, it could cost thousands of pounds in fines and the company’s reputation could be damaged. If you hold customer data, including names, addresses or banking information, are reliant on computer systems to conduct your business or have a website, you are at risk.
Hackers are constantly changing their tactics and methods. Even the most sophisticated of security software cannot account for every method of entry at a hacker’s disposal. Consider that technology-based and IT companies have suffered attacks and continue to be targeted, so your protective measures need to be comprehensive.
The cloud is just another platform for hackers to target. In fact, the number of users and amount of data that is potentially available means that cloud storage is actually an extremely attractive target for hackers.
Cyber risk insurance solutions are usually seen as only applicable to the commercial sector. However, that is not to say there is not a need to consider a level of cyber cover for your home as well.
Given the breadth of information we store in our personal lives, which can include banking details and other sensitive information, we would also recommend considering cyber cover as part of your home insurance policy.
If you would like to find out more about cyber cover as part of our bespoke home insurance policies then get in touch with us today.
Today’s businesses rely on the internet for services such as online marketing, administrative functions, inventory management, credit card processing, and distribution controls. Any intrusion that disrupts delivery of these services can lead to brand and reputation damage, regulatory scrutiny, stakeholder dissatisfaction, and financial losses.
A data breach could cripple your business, costing you thousands or millions of pounds in lost sales, damages or sanctions.
Cyber Liability provides cover against damage from cyber-attacks, data breaches and other basic risks resulting from electronic communications and data storage. Cyber Liability Insurance will often cover the cost of recreating damaged or lost data – but will not include costs that stem from the loss or damage, such as legal expenses and data notification costs.
If there is anything we can help you with in the world of cyber risk please do not hesitate to contact us.