Commercial and Motor Trade Insurance

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Cybercrime – A Growing Threat to Businesses

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Cybercrime covers a number of computer-based criminal activities that can put your business at risk. From phishing scams that impersonate legitimate people to get your or your staff to transfer money, to malware that seeks out insecurities in your system and can give criminals access to data, cybercrime accounted for 64% of computer misuse crime last year[1].

 

Cyber attacks can disrupt business, damage and shut down systems. If personal data is stolen through cybercrime, say customer records, a business can quickly find itself in hot water. With GDPR now in force, fines for data breaches are higher than they used to be.

Businesses need to make sure they are properly protected – and that if they are attacked, they are able to recover quickly.

 

Will my business be targeted by cybercrime?

 

It can be tempting to think that as your business is smaller you won’t be targeted by cybercrime. Unfortunately, the data says otherwise – sometimes being smaller can make your business an ideal target for cyber criminals[2]

 

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cyber pie charts

Data sources: Verizon 2018 Data Breach Investigations Report; Federation of Small Businesses (FSB) Cyber Resilience report, 2016.

 

What are my options?

 

Obviously it’s important that your IT and security systems are up to date and fit for the job. Proper anti-virus software, strong password protocol and security training for anyone who works with or for you are essential. However, these measures do have their limits and even well-protected businesses can still fall victim to a cyber attack.

Cyber insurance can protect you against the effects of hacking, cyber terrorism, data loss, and even the impact on your business’s reputation. Because we work with many small businesses and sole traders, we have now started to offer cyber insurance to make sure our customers are protected.

Below are some of the benefits of our cyber cover:

  • Flexible cover from £25,000 to over £25m
  • Reputation damage & business interruption cover
  • Extortion cover/Ransomware
  • Viruses & data breaches covered
  • Experts at hand 24/7
  • Damage to digital assets covered
  • Simple application form
  • Inexpensive compared to potential losses

 

Want more information?

 

We’ve put together a handy help sheet explaining the terminology and risks of cybercrime: click here for the full help sheet

If you’re interested in learning a bit more about our cyber insurance or you want a quote, we’re here to help. Find more information on our cyber insurance here.

Call our friendly team on 0121 248 9300, or  follow this link to request a quote.

 

 

[1] Office for National Statistics (ONS), Crime in England and Wales year ending September 2018, published Jan 2019

[2] Verizon Data Breach Investigation Report, 2018

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