The impact on your business could be catastrophic if a cyber criminal is able to access your online bank account or your customer information. It’s therefore important to consider cyber insurance and what you can do to help protect your business.
SMEs tend to store confidential information such as customer lists, personal and sensitive information and financial details – assets that are highly sought after by cyber criminals. Hacking and data breaches can cause damage to business reputation, customer trust and profits.
The extent of the risk depends on the number and type of records you hold along with the network security and backup measures you have in place.
The most common types of cyber incidents include:
Any business that relies on computer systems and the internet is potentially subject to attack by cyber criminals. Whether your whole business is based “in the cloud” or your dependence on the digital world is limited, you will still be exposed to cyber crime and risks such as business interruption, income loss, damage limitation management, repair of IT equipment and systems failures and possibly reputational damage.
One of the main issues is that small businesses underestimate the cyber threat and don’t believe that they are at risk. They often do not see cyber as priority and lack the resources or knowledge to defend themselves against cyber attacks.
Technology is always evolving and now even more than ever, online is now a big part of life. Businesses are expected to handle their information responsibly so there are some key actions that you can put in place to improve your cyber security:
Cyber insurance is also known as cyber liability insurance or data protection insurance. It helps keep businesses protected against cyber crime and covers losses relating to damage to or loss of information from IT systems and networks.
To give you peace of mind, we can offer cyber insurance that is tailored to your business needs. As well as providing cover in the event of a security breach, we can also provide you with access to a team of experts who will work with you to minimise your loss and the possible damage to your business.
We also give you access to tools and resources to help you stay up-to-date with the evolving risks which will help you to understand your exposure and therefore establish a suitable response plan.
For more information visit our cyber liability insurance page or call us on 0330 1235 740.
Date: August 20, 2021
Category: Small Business