Cyber risks might not be high on most contractors list of concerns, but how well would your business function without access to your IT systems and records? With increasing reliance on IT, many contractors would grind to a halt.
One of the main benefits of Cyber insurance is 24/7 access to the insurers specialist experts who can advise on and help with responding to, containing and resolving incidents in both a prompt and cost effective manor. After all you will still have the normal day to day pressures of running your business.
It is a fact that in the UK, cyber incidents are rising at a substantial rate as hackers continue to explore ways of damaging businesses and IT systems. Currently in the UK one small business is being successfully hacked every 19 seconds and around 65,000 attempts to hack small to medium sized businesses occur in the UK every day (circa 4,500 of which are successful)*1.
Suspicious e-mails, websites and links are now a common occurrence especially with more internet usage, and computer companies are continually trying to find various ways to minimise or prevent them affecting your critical business systems.
So what happens to your business if you become affected by:
- A ransomware attack,
- A virus attack,
- A hacker accessing your system(s) and releasing customers and staff data causing you to suffer a data breach,
- A social engineering incident (the use of deception to manipulate individuals into divulging confidential or personal information that may be used for fraudulent purposes).
Will you throw away your computer(s) and purchase new ones? If you do will the hacker still be inside your system continuing to cause damage to your business as well as enticing or damaging your customers IT?
Will you contact your IT support or maintenance company? If so will they be able to clear/fix everything and repair all the damage? How much will this cost your business? Will they assist you with any data breaches? Will they help you if a client or customer is being affected by your hacked systems?
Will your bank reimburse you for any funds lost?
How about mobile phones? They can also be affected by cyber incidents. Will your mobile phone company help?
It is really worth thinking about your business and how it could be affected by a cyber incident and what protections your business has in place to minimise and prevent such incidents. Education and training are also important, not just for you, but for any staff too.
How about looking at and reviewing Cyber Insurance?
Insurers are very aware of how businesses can be affected by cyber crime and now offer very good competitive packages to help in the event of a cyber incident. Annual Cyber Insurance is not expensive, with premiums in the £100’s, and can provide:
- Specialist Incident Response Team to help and guide you with a cyber incident;
- Privacy and Security Liability Costs;
- Media Liability Costs;
- Costs in respect of Regulatory Proceedings;
- Privacy Breach Notification;
- Costs for Computer and Legal Experts;
- Public Relations Costs;
- Cyber Extortion;
- Data Restoration;
- Business Interruption loss of income including System Failure, Voluntary Shutdown and Non-functional Equipment and
- Other Additional Benefits such as Computer Fraud, Telecommunications Fraud, Funds Transfer Fraud, Social Engineering Fraud, Vendor/Client Fraud, Betterment Costs, Reputational Harm and Accounting Costs.
It is worth your business investing a small time now reviewing Cyber Insurance. Hackers certainly will be thinking and spending time on how to overcome businesses systems.
If you are interested in Cyber Insurance, please call our team below for free insurance advice and a no obligation quotation.
Mark Clements 0207 426 5347
Jeremy Burnham 01274 465 589
Lindy Deanus 0207 426 5335
*1 Statistic information taken from website – https://www.csoonline.com/article/3440069/uk-cybersecurity-statistics-you-need-toknow.html