Is your business prepared for a cyberattack, a data breach or an interruption to your systems?
Do you have the right protection and insurance cover in place?
Cybercrime is on the increase and this is becoming an increasingly serious issue for businesses throughout the UK.
We know that SME’s are often time poor and don’t have the resources that bigger businesses do. This can mean that smaller businesses often struggle to put in place the adequate protection against potential cyberattacks that can be financially damaging and can damage business reputations.
Government figures indicate that a data breach costs SMEs an average of £310,000 and cyber losses are now the largest recorded offence in the UK, overtaking physical crime.
For small businesses, the most common types of cybercrime are phishing emails, spear phishing emails, and malware attacks and small firms are also concerned about hacking and fraud, with the average information breach setting them back over 2 days.
To combat this, most SME’s use computer securing software, and regular updates of their IT systems, however, we have found that many SME’s don’t have the adequate insurance cover to protect them should a cyberattack happen.
European Data Protection Regulation 2018
In addition to potential financial losses and damage to reputation from a potential cyberattack, there are also serious regulatory fines that will come into play in 2018.
In 2012 the European Commission revealed the draft of the European Data Protection Regulation that will affect businesses of all sizes. One of the most significant changes is the requirement to notify the Information Commissioners Office (ICO) of any serious data breaches within 24 hours and all affected individuals will need to be notified at the same time.
The new regulations mean that any businesses that experience a data breach from 2018, when the new regulations are implemented, will be subject to fines.
For SMEs, this could result in a 57-fold increase, averaging £13,000 per business..
Cyber and Data Insurance Protection
Your standard insurance will cover your businesses physical assets but did you know that system downtime due to a cyberattack is not covered by a standard business interruption policy?
Cyber and data insurance will provide your business with financial protection from, system downtime following a cyberattack, regulatory awards and fines or penalties imposed against you for data breaches. It also covers potential third-party damages and the costs associated with an investigation in relation to a potential cyberattack, data breach or notification.
As well as financial protection, cyber and data insurance cover extends to provide your business with full support from a team of IT forensic, legal and PR experts who are on hand to protect your reputation, investigate and diagnose the attack and they will also assist you in getting your systems secure and safely up and running again.
Businesses of all sizes need to ensure that they have adequate cyber and data insurance protection in place as soon as possible and certainly before the new European Data Regulations are implemented in 2018.
To give you peace of mind and to ensure that your business is protected, Allied Insurance Services can provide your business with adequate and tailored cyber and data protection insurance cover, to include:
- Communication specialist costs
- Instant Breach Response
- Data restoration costs
- Deployment of Extortion specialists
- Financial protection against the costs of a Data Breach or Interruption
- Telephone hacking cover
- 24/7 helpline for notification, advice, and resolution
- Immediate response within 1 hour of notification from our Breach Expert
- Deployment of Forensic Services
- Legal costs
- PR advice provided by industry specialists, providing legal responses and PR consultancy to contain reputational damage
Cyber and data protection insurance cover will give you the confidence in the knowledge that you are covered against any potential cyberattacks and data breaches and if the worse should happen, you will receive the essential advice and information to guide you through the systems necessary to ensure that you are protected against future attacks.
Our specialist brokers are on hand to deal with any enquiries you may have so please contact us now or complete the enquiry form below and we will be in touch to discuss your needs: