Why Does My Business Need It?
According to a government report from March this year 31% of UK businesses experience cyber attacks or cyber security breaches at least once a week.
Not only is are attacks and breaches becoming more frequent – they are becoming more costly too.
When a small business suffers a cyber attack the results can be catastrophic – threatening the business’s survival.
For example, a DDoS (distributed denial-of-service) attack could knock systems offline for a few hours, creating a frustrated workforce and unhappy customers – but otherwise the cost would be comparatively low. By contrast, an attacker who infects an organisation’s systems with ransomware could cripple them for days or even weeks. The cost of recovery, not to mention the ransom payment could result in losses of tens or hundreds of thousands of pounds.
The cost of even a relatively minor incident can run into thousands. Do you have access to a team to respond to a cyber incident? Cyber forensic experts to investigate the attack? What about the cost of notifying affected customers and offering credit or identity fraud monitoring services? How do you reinstate affected data, websites and software. Then there is the loss of revenue whilst the issue is resolved.
The COVID-19 pandemic has led to significant changes in ways of working. This has made cyber security harder for many organisations . These changes have led to new challenges for organisations to contend with, as part of their cyber security management approaches.
Part of that management approach should include cyber insurance. Not only does cyber insurance protect against the financial losses it provides the peace of mind of the expert help available should the worst happen to your business. It provided the forensic experts, the notification of customers the reinstatement of data, websites and software and the loss of revenue and a wide range of additional covers to cover other threats to your business.
Can you afford not to have it?
One recruitment business also mentioned that they wanted to be covered financially for any fines that might be levied for personal data breaches. They also said that having some form of cyber insurance was increasingly a client requirement in contracts.
Another business said “We thought it was important to have insurance, because of the essential scope of the fines we were at risk of, if we were found to have lost data … The Information Commissioner’s Office could fine up to four per cent of turnover and we wanted to cover that.”
Cyber insurance makes sense. Fires and thefts do not happen every week – cyber attacks do.
By identifying, managing and minimising cyber risks and insuring against the unexpected you can protect your business against this ever increasing threat.
What Do I Need to Do?
At Jim Kelly & Co Ltd we offer cyber insurance policies for sole traders to plc’s provided by insurers with the expertise and resources to help you get your business back on its feet should the worst happen.
Call us on (01253) 628988 to discuss your requiremements or drop us an e-mail to reception@jimkellyinsurancegroup.co.uk and we will call you.
