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Is Your Business Covered Against a Cyber Attack or a Data Breach? Here’s What Insurance You Need

Author: Alisdair Lindley / Source: Business advice from is4profit

As we can see from the recent cyber attack on the NHS and other businesses across the world, cybercrime is on the increase and experts predict that attacks like these are set to become even more common place, affecting businesses of all sizes, across all industries. Staggeringly, over half of all British businesses experienced a cyber-attack in 2016, costing as much as £30bn.

Once a cyber attack has occurred it is often financially damaging for a business and can damage business reputations, with ongoing disruptions affecting the day to day running of a business.

This is not just an issue for big businesses. A recent study from the Federation of Small Businesses (FSB) reported that two thirds (66%) of small businesses have been a victim of cybercrime in the last two years, with those affected being victims on an average of four occasions.

Recent research revealed that the top threat perceived by a business is a cyber attack and in second place is the threat of data breach, with the average information breach setting businesses back over two days. In addition, there are also serious regulatory fines that will come into play in 2018, meaning that any businesses that experiences a data breach from 2018, will be subject to fines.

We can see the damage that the recent cyber-attacks have caused the NHS and we have heard about the strategies needed to safeguard businesses against any potential future attacks. It is, however, just as essential that businesses are adequately covered by their insurance policy, should the worst happen.

Does your business you have the right protection and insurance cover in place?

Your standard insurance policy will cover your businesses physical assets, but did you know that system downtime due to a cyber-attack is not covered by a standard business interruption policy?

The advisable safeguarding…

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