Cybercrime cost UK businesses at least £30 billion in the past 12 months, according to a survey by Grant Thornton, with 43% or UK businesses reporting attacks in 2018.
If you run a small business, shop or construction firm, or if you are a professional consultant, such as an accountant, solicitor or financial advisor, then you rely on your computer system for storing client details, tracking orders, checking stock levels and sending out invoices.
Your day-to-day business probably couldn’t function without your IT, connected to the internet.
However, this makes your business vulnerable, either to a deliberate attack by cybercriminals or an accident from an untrained or careless employee; either way, the consequences of a breach of your cyber security could be very expensive.
What would you do if one of these scenarios happened to you?
Incidents like these are happening every day to UK businesses:
- Your systems are hacked into and your client, or employee, details stolen – your business has now experienced a data breach and you could face serious costs, legal fees and a fine, not to mention the damage to your reputation.
- An employee clicks on a link in an innocent looking email and now your computer is locked, your files encrypted by ransomware, and you receive a demand for money.
- A virus has been released into your system, shutting it down and losing you sales.
- Your website is swamped with traffic, so your real customers can’t get through to you.
The cost of a cyber attack
Your business may have ground to a halt but would you know what to do or how to react? You’d have to call in your IT support. If they can help, it will cost you time and money but they can’t pay your fines, negotiate with extortionists or rebuild trust with your clients and employees. Have you budgeted for the cost in time, money and reputation?
A government survey found that 52% of UK businesses were hacked in 2017; cybercrime is the fastest growing crime in the world. Business interruption, cyber extortion, loss of critical operational data and electronic crime present cumulative risks that businesses must address, and yet the majority of UK businesses aren’t properly prepared.
Protect yourself from the effects of a cyber attack
It’s time business owners got Cyber smart. You can never totally remove the risk of an attack but you can put measures in place to lower the risk and be better prepared to deal with the aftermath of a hacking.
Free guide to cut the risk of cyber attack
Prevention is better than cure, so here is our Cyber Risks guide with some simple steps to help reduce the risk of a cyberattack on your business.
When it comes to insurance, Glowsure Insurance Brokers believe in making your life easier so you can get on with life and work.
Cyber Liability Insurance is one of our specialist areas. If your business stores client information, processes card payments, conducts e-transactions or relies on a computer system, then you need to consider a policy.
A Cyber liability policy can offer a number of options*
- Recovery of data
- Loss of profits due to business interruption
- Immediate response from experts after notification of an incident
- Access to pre-breach and risk management services
- Dedicated cyber security cover against digital threats
- Costs of notifying people affected, including the costs of credit monitoring
- Deployment of IT Forensics
- Legal response and PR consultancy for containing reputational damage
- Protection against theft of intellectual property in the event of a cyber attack
- Insurable fines and penalties by data protection regulator
- Cyber/Privacy Extortion – response and ransom payments
- Social Engineering fraud cover
- Employee training and compliance support
A cyber policy can also cover you for loss of data on lost laptops, thumb drives or stolen electronics.
Find peace of mind from cyber attacks
A Cyber liability policy could get your business back up and running with little delay. And with premiums starting from £130 a year, and interest free instalments available with certain insurers, you will also enjoy peace of mind.
Contact us for more details about what a Cyber and data insurance policy covers.
Contact Glowsure for a free, no obligation quote
The Glowsure team are here to make your life easier. We’ll listen to you and help you to assess what you need. We tailor a policy to your requirements, checking the market for the best insurance cover at the best price. Plus, we can also help you with claims!
For a free, no obligation quote contact the Glowsure team on 01730 239387 (during working hours you will always speak to a person!) or you can send us an enquiry.
*Glowsure have access to various insurers for Cyber liability insurance – depending on the insurer some of these covers may be optional additions.