Introduction to Cyber Liability Insurance
Either you have been data breached, or you just don't know that you have been data breached."
With cyber attacks on the rise in the UK, and laws on breach notification set to change over the coming years, the need for Cyber Liability Insurance has never been higher.
Whether you're a one man band accountant, or an international ISP, by not ensuring you have the correct protection, you are putting a third of your revenue at risk according to the governments "Cyber Streetwise" Campaign.
A common misconception of Cyber Insurance is that you are only at risk of an attack if you take online payments, this is not the case! One third of small businesses suffered a cyber attack from someone outside their business last year alone. The average cost of a major security breach is between £65,000 and £115,000 and can result in a business being put out of action for up to 10 days, according to government estimates.
Companies spend thousands on upgrading their IT security systems to prevent a breach, but have no defence in place for the costs following a security breach. You could have the best IT security system in the world, but if you lose a laptop on the train, an employee opens the wrong attachment in a spam email, or a disgruntled employee maliciously enters a virus into your systems, you could be left with fines, penalties and the costs associated with notifying affected individuals or restoring lost data. Take US firm 'Target' for example, they suffered a data breach even though they had in place what they deemed to be the most robust system in the world.
Why leave your company's security to chance? Complete the online proposal form or our offline form to obtain a quotation and give your company peace of mind today.