Are You and Your Business Cyber Aware
Cybercrime is becoming an ever increasing threat with not a week going by without reports of an event in the media. The latest Cyber Security Breaches Survey (2017) interviewed 1,523 UK businesses and discovered that 46% had experienced a cyber-security breach or attack in the last 12 months. Nearly half of the attacks logged were against companies with fewer than 250 staff with the average breach costing an estimated £3,480. This cost was much higher for large firms at £36,500.
Criminals use a variety of methods to target their victims which can result in reputational damage, loss of assets or intellectual property. In a recent BBC phone-in , business discussed how they were affected by a virus which they received via a rather innocent looking email. Within no time a ransom note followed demanding money to have their access restored. They didn’t know what to do to sort out the problem but they decided from the outset that they wouldn’t pay anything to the criminals. It took 3-6 months to restore everything as they hadn’t carried out regular backups so some information such as invoices was lost to them. They described the impact as being devastating to their business and very difficult to recover from. Today they back up every day and change passwords regularly (Aviva Insurance).
Research has shown a general lack of knowledge surrounding the matter; therefore it is vital to understand the potential harm your business could face, by educating and training your staff on the risks and most importantly, ensuring your cyber insurance policy is tailored to meet your needs. Whilst this is not a replacement for robust IT security, data protection and a response plan, Cyber Insurance can act as a safety net. A comprehensive policy helps protect your organisation from the moment a cyber or data breach occurs*.
If you’re not convinced on whether Cyber Insurance is right for you, please consider the following key points:
- Information you hold and process; what might be the cost to your business if this information is lost, distorted or destroyed?
- The systems you are reliant upon; how is your business impacted by loss of or disruption to your systems?
- Your organisations money; what measures do you have in place to combat social engineering, hacking, phishing and pharming?
- Your liability to others; how will you fund any defence costs and awards of damages e.g. for privacy breach, breach of confidentiality, defamation etc.?
- Regulatory and Legal compliance; how would you respond to a Privacy Regulatory Action and deal with Privacy notification Expenses?
* A policy summary highlighting the significant benefits and limits of cover will be issued with every quotation.
No two businesses are the same when it comes to cyber risks; therefore it is vital to understand the potential harm your business could face and to ensure your cyber policy is tailored to mirror those needs. If you would like any support and advice regarding Cyber Insurance or the risks facing your business, please contact Steve Joint on 01803 652246 who will be more than happy to assist and answer any concerns or questions you may have.
Pavey Group is a trading style of Pavey Group Ltd which is authorised and regulated by the Financial Conduct Authority for insurance and risk management only. (Registration No. 308106). It is also a trading style of Pavey Group Financial Services Ltd which is authorised and regulated by the Financial Conduct Authority (Registration No. 463257) Pavey Group Ltd (Registered in England No. 3419086) and Pavey Group Financial Services Ltd (Registered in England No. 3418320) are wholly owned by Pavey Group Holdings Ltd (Registered in England No. 2979493). Pavey Group Holdings Ltd (Registered in England No. 2979793) is wholly owned by Pavey Group Holdings (UK) Ltd (Registered in England No. 10735333) Registered address: 50 The Terrace Torquay, TQ1 1DD. Offices at: Torquay, Exeter and Holsworthy.