Over the last 2 years, around 90% of UK businesses have faced an increase in cyber-attacks and threats. As the threat continues to grow, it is crucial for businesses to protect their assets and profits from online criminals.
In the same way you would protect your car from car theft with Motor Insurance, you should apply the same protection to your IT systems and networks with Cyber Insurance. Cyber Insurance typically covers a direct (or first party) financial loss to you or your business arising from a cyber event.
It usually also covers the liability actions that might be brought against you, arising out of a cyber event (third party loss), such as investigation and defence costs, civil damages, compensation payments to affected parties.
Like many policies, cost of Cyber Insurance varies from business to business and is dependent on:
The industry you are in
Your annual revenue
Types of data held
Network security levels
Industries more prone to cyber-attacks include Charities, Financial Services, and Healthcare, whilst Hospitality and other sectors that primarily conduct business in person, are less likely to be targeted.
Every business responsible for personal data must follow the Data Protection Act of 2018, the UK’s implementation of the General Data Protection Regulation (GDPR). Breaches of the Act can lead to fines of up to £17.5 million.
With individual businesses being responsible for their own cyber security, taking out a cyber insurance policy gives you a much-needed added level of protection.
To help you demystify and debunk the most common cyber insurance myths, Chris White, Detective Inspector and Head of Cyber and Innovation for The South East Cyber Resilience Centre recently recorded a webinar with Jack Hulbert, Client Director at Konsileo and Catherine Aleppo Distribution Director, UK, Cowbell Cyber.
Watch the webinar here:
The South East Cyber Resilience Centre is a police-led partnership with academia and businesses aimed at improving cyber resilience in businesses in the South East of England.
Using a combination of police officers and cyber talent, the Cyber Resilience Centre for the South East supports and helps protect small business, SMEs and supply chain businesses and third sector organisations in the region against cyber crime.
How does The South East Cyber Resilience Centre work with SME's to tackle the threat posed by cybercrime?
We provide many free resources designed to improve your #online security, from checklists to Incident Response templates, there's something for everyone. Get yours today and receive our FREE welcome pack here https://www.secrc.police.uk/free-information-pack
We hope this will be useful for you but if you have any further questions or would like to know how we can help your business, please get in touch.