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SME Insurance
What is Cyber Liability Insurance?
Cyber attacks are rapidly becoming one of the largest risks that businesses face; it is our job to stay abreast of these new and emerging threats, including data breaches and cyber risks. Through robust cyber liability insurance policies, vital protection can be added to your cyber security and risk management plans.
Often, businesses feel that Cyber Insurance is reserved for corporate businesses, the big names who are seemingly more at risk of data breaches and attacks on network security, but in reality, simply opening an email with a virus or losing a laptop with confidential data on it can wreak havoc for all sizes and types of businesses, causing substantial business interruption.
With this type of liability insurance, a range of services and associated costs following a cyber attack are included in the insurance coverage, including: a 24/7 incident response line, IT forensics, public relations advice, legal advice, defence costs, credit and identity monitoring, data restoration, notifying clients, cyber business interruption and cyber extortion.
We work with a number of market leading, A-rated insurers who provide packages based on both first and third-party risks to ensure complete protection.
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Cyber attacks are rapidly becoming one of the largest insurance risks firms face - as such, cyber security is increasingly becoming a board-level agenda. Statistics show that 43% of cyber-attacks that occur target small businesses*.Consider these facts which highlight the frequency and magnitude of attacks:
Statistically, smaller businesses are becoming increasingly vulnerable to cyber attacks:
The question is, should you be unfortunate enough to experience a cyber attack, would you have the cash flow and resources to afford a claim potentially running into dozens of thousands? How would the subsequent reputational impact affect your loyal client base?
*Cybint Cyber Solutions 15 Alarming Cyber Security Facts and Stats September 2019**HM Gov Cyber Security Breaches Survey 2018
Employee opens a phishing email and introduces a virus into the system:Possibly the simplest of scenarios, even just opening the wrong email can wreak havoc on a business’ system, corrupting data or potentially losing it altogether. This could include details on contracts, transaction records and coding.
Laptop accidentally lost containing customer data:The litigation costs in this scenario could be considerable. Under the GDPR legislation, such an incident would have to be reported to the regulator as a ‘breach’.
Hacker installs ransomware having accessed your system:This can bring your business to a halt as the hacker will demand a ransom payment before they allow you access to your system. This can cause serious business interruption issues, as well as the customer and reputational detriment.
Costs can vary based on the following criteria: level of cover required, turnover of company, business activities, sector, extent of data held on file and existing security in place.
However, there are a number of providers now in the market and it is quite common for SMEs to obtain a comprehensive policy from between £500 - £1,500.
We work with a number of market leading insurers in the cyber market, so we can seek to find a policy that is suitable for your demands and needs.
We only work with A-rated insurers, and seek packages based on both first and third party risks.
For more information or a quote, please contact your dedicated account handler or email [email protected].
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Who do I
Contact?
If you would like to talk more about your SME Insurance needs please contact Rob.
Rob Marshall
Head of SME
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