There is no Better Time to Take Another Look at How Cyber Liability Insurance can Help you.
It's usually big businesses like Uber, Pizza Hut, Yahoo, Equifax and Bupa that you hear about in the news but small and medium-sized businesses face the same threat of being hacked. According to a recent report, cyber-attacks are now seen as the single biggest threat to UK businesses, yet only 10% of SMEs have insurance cover in place should the worst happen.
Cyber insurance cover isn’t always included under your existing business insurance policy and you may need to take out a separate policy to provide the cover you need.
How Cyber Insurance Can Help
We have a range of comprehensive cyber solutions available, which includes more than just helping to resolve the “hacking” itself, but provides emergency response in the event of an incident. We can help to protect against unexpected cybercrime and we’ll make the whole process quick and easy.
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Business interruption and downtime.
Compensation costs if directors, partners and employees need to attend court in connection with a covered claim.
Cyber extortion, where criminals threaten to make sensitive information available on the internet or to competitor.
Damage or theft of computer equipment.
Damage to stock or goods stored in temperature controlled environments as a result of a cyber incident.
Forensics, data breach notification and credit monitoring costs.
Loss or damage to documents.
Public relations help to protect your company and brand reputation.
Ransomware that locks your computers and brings business to a standstill.
Restoration or replacement of website / digital media maintained by a third party.
Social Engineering Fraud, where money, property or goods are stolen through methods such as fake emails and phone calls.
What Would Happen if Your Data was Accessed or Stolen by Hackers?
You could be faced with:
- The cost of restoring, updating, recreating or replacing lost or damaged digital assets.
- Loss of income whilst a breach prevents you from carrying out business as usual.
- Reputational damage leading to loss of customers and income.
- Civil court costs and damages associated with the impact of a breach on third parties.
- Regulator investigation and defence costs, as well as potential fines.
- The legal, postage, and advertising costs of notifying those affected by the cybercrime.
You Could be Exposed to Being Hacked
If you so much as gather or store customer, supplier, or employee data, including sensitive information like payment details, you have a cyber risk exposure. You might think a data breach is unlikely, but bear in mind that one in two SMEs suffered a cyber security breach in 2017.
Make no mistake, incidents can have very serious consequences – depending on the severity of the attack, costs can range from £1,400 to £2.48 million. Alongside clean-up costs and potential fines, it’s important to consider the long-term effect of a cyber incident on customer trust and reputation.
With GDPR (General Data Protection Regulation) legislation now in force, the processes, practices and security of handling customer and supplier data has been brought into sharp focus. Therefore, there is no better time to take another look at how cyber liability insurance can help you.
Case Study: Ransomware
A small furniture manufacturer (with just 4 employees) was compromised by a cyber-attack using ransomware which meant they couldn’t use the computer automated machines they depend on for two weeks. This cost them £8,000 to put right.
Case Study: Personal Data Breach
In 2017, the Information Commissioner’s Office (ICO) fined a small video game rental firm £60,000 after hackers exposed more than 26,000 customers’ personal information.
Case studies like these have bought home to us how important it is to make you aware of the risks affecting you.
Also see our guide on what cyber insurance is? And whether you need it for your business.
 - https://www.techworld.com/security/uks-most-infamous-data-breaches-3604586/
 - Cyber Security: Small Business Guide 2017
 - Ponemon Institute 2017 Cost of Data Breach Study
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** Standard and optional cover may differ dependent upon insurer.
I’ve being using smei for almost 6 years now & the team always give a friendly professional service, good knowledgeable advice & are always most helpful. I have spoken to the same team members several times & I think that is really nice, they know what I need as a business & are always extremely happy to assist. I would definitely recommend smei to other businesses for their insurance needs.Mark
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