Cyber-exposures can impact businesses of all kinds, regardless of their size or area of focus. Recent data from the government found that one in four UK businesses suffered a data breach in the past year. Fortunately, Cyber Liability insurance policies can provide different types of extensions to protect your business from cyber-attacks.
While most Moving and Storage organisations have implemented a business continuity plan for disruption due to fire, flood or theft, many don’t have a management plan or cover specific to cyber-risks such as ransomware, phishing or email fraud.
If your business stores or handles customer data, it is at risk of a cyber-attack. And, when a data breach or other cyber-event occurs, the disruption can be significant, often resulting in reputational damage, operational downtime, financial loss or legal action.
Cyber Liability cover should be held by any business that:
- Holds personal data (such as names, addresses and banking information)
- Electronically stores business-critical data
- Is reliant on technology to conduct business
- Has a website
- Has an online bank account
In this short video, we give you a brief overview of 4 key elements of cyber cover:
Cyber Crime
Financial loss due to unauthorized access to your IT network or if a third party deceives you or an employee into paying or transferring money by impersonating another person.
Extortion
Cover for IT forensics experts to negotiate ransom demands as well as ransom payment (insurable by law) if a hacker holds your business to ransom or threatens to reveal sensitive data until a ransom is paid.
Multimedia Liability
Cover for the costs associated with the infringement of copyright or trademarks, or defamation of a third party via electronic communications and cover to remove online content to avoid or reduce Multimedia Liability claims.
Telecommunications
Cover for the costs of unauthorized telephone calls made following the breach of your network.
To be best prepared for any potential cyber threat, it’s important to have a Cyber Continuity and Response Plan in place in addition to Cyber Liability cover. To get started, you can download a Cyber-continuity & Incident Response Plan Toolkit below.
If you already have a response plan, it’s important to routinely revisit your plan and make updates or improvements when new digital threats emerge.
It also helps to train your employees in simple cyber security principles, like keeping your software up to date, regularly backing up data, password security, and limiting access.
The cost of Cyber Insurance varies depending on certain underwriting factors.
Protect your business from cyber threats
We have access to a number of different insurance companies to ensure you have the proper cover to protect your company against losses from cyber-attacks. For more advice, please contact us today.
