A significant increase in cyber crime attacks on businesses is prompting further debate about how companies and organisations can ensure they are adequately protected.
The discussion comes after telecoms giant Talk Talk was fined a record £400,000 last week by the Information Commissioner’s Office for poor Internet security, which saw 157,000 sets of customers’ personal details stolen.
From corporate giants to small and medium enterprises, all businesses rely on some form of IT infrastructures and are exposed to the risks of cyber crime. Insurance policies can offer protection.
Why is my business at risk?
With the continuously evolving digital landscape comes additional criminal activity, as has been demonstrated in cases highlighted in the media. However, it is not just corporate giants that are affected. A targeted hack or simply a lost laptop can result in huge costs and expenses.
Is my business covered?
Existing business insurance policies may offer some protection against cyber crime, however unless you purchase a specific policy it is likely that cover will be restrictive. It is important to understand the difference.
What does cyber insurance cover?
Cyber insurance cover can include protection for your own assets (known in the insurance world as ‘first party’) and the assets of others affected as a result of your negligence, typically your customers (known as a third party).
First-party insurance cover typically includes:
· Damage or loss to digital assets such as data or company software
· Business interruption
· Customer notification and expenses for legal or regulatory requirement to notify them of a security or privacy breach
· Reputational damage arising from a breach of data that results in loss of intellectual property or customers
· Theft of money or digital assets
Third-party insurance cover typically includes:
· Privacy and security breaches, the investigation, defence costs and civil damages associated with this
· Multi-media liability, to cover investigation, defence costs and civil damages arising from defamation, breach of privacy or negligence in publication in electronic or print media
· Loss of third party data, including payment of compensation to customers for denial of access, and failure of software or systems
If you would like more information or have any questions or would like a quotation, please contact a member of our team on 01628 532 613 or email us on firstname.lastname@example.org