Wherever you go, whatever you do, it is difficult in today’s world to get away from anything cyber. Desktop machines, laptops, tablets, mobile phones, the internet of things… Wherever there is a gadget, someone is making money – and on the negative, flip side, that money made is not always by honest means.
We all know of the risk of hacking or other forms of cyber attack but they are very real. George Osborne; our chancellor said that “it is not a case of if a business will suffer from cyber crime, but when“. The statistics back up this view so what are you doing about it?
With the impending upgrade to our country’s Data Protection rules, the GDPR, the topic of cyber Insurance is set to increase in importance. We think that the GDPR is a good thing. It will affect ALL businesses and ALL businesses will need to prepare and plan for its arrival in May 2017. Whilst holding Cyber Insurance will not make you compliant it will enable you to better protect yourself and recover if you are hit.
Imagine how long you could be affected by a cyber issue. Would you prefer to suffer the cost of this yourself or pass it to an insurer. Similarly would you want to attempt to sort out a hacked computer or computer system? Would you even know where to start?
By taking out Business Interruption cover within your Cyber insurance policy, you could be covered for loss of income if there was a period of system down time due to an insured event. When properly protected & your IT systems are up to date, Cyber insurance can offer cover in the following areas:
• Hacking, Viruses & Ransomware
• Cyber Extortion
• Cyber Crime
• Telephone Hacking
• Repair & Restoration
• Cyber Liability
• Breach Costs
• Business Interruption
• Public Relations
• Multimedia Liability
Below is a case study to display how Cyber Insurance has helped a business:
In 2015 an employee got to work, she worked for a well-known opticians business. She opened her PC & saw an email saying she had been caught speeding with a link to view pictures of her car and appeal the fine – which she clicked. Within seconds Cryptolocker ransomware had downloaded onto the business systems. A phone call was then received from Russia demanding £400 in bitcoins. A disaster to most businesses. Do you pay it or try to solve the problem yourself?
Having Cyber Insurance in place the £400 in bitcoins was paid by the insurance & 90% of data was recovered the same day. The remaining 10% took 2 days to recover by IT specialists whose fees were paid for by the insurance. It took 2 weeks for the business to be fully operational again; the loss of income was covered by the insurance under their business interruption cover.
This is a real life example. DO you wonder how you had not heard about this case though unlike some other well known events? The reason – because specialist PR firms made sure it didn’t reach the press – again, paid for by the insurance.
*Case study example from Hiscox Insurance.
So don’t delay, act today and find out how inexpensive peace of mind can be.