Most businesses underestimate the risk suffering a cyber attack. It may surprise you to know that most small businesses have been victims of cyber crime in the past two to three years, with 50% of losses being in the region of £25,000. To what extent would your business be able to cover that type of loss without it severely affecting its operation, not to mention the damage to your company’s reputation and the possibility of a regulatory fine?
The increasing likelihood of having to cope with a cyber incident, such as ransomware, email hacking or a data breach, means cyber insurance cover is a critical form of protection today. This type of cover will not only pay the costs incurred following an incident but importantly provide the support of experts to help you manage the process of getting your business back on its feet. The type of support available by many insurers includes contacting the parties whose data has been breached, notifying the Information Commissioner’s Office (ICO), supporting you mitigate the damage to your company’s reputation by providing PR and crisis management in order to get your business running as quickly as possible.
All businesses are becoming more and more reliant on technology to hold data, even the smallest businesses are retaining more business and personal information online – information about prospects, customers, suppliers, employees and shareholders, including personal contact and bank account details. In fact, any business that uses a computer to manage its business activities, has a website and / or takes electronic payments should consider cyber insurance.
RS Risk Solutions can help you understand your firm’s exposure to a cyber attack and also arrange cyber insurance cover on your behalf having access to a number of leading the cyber insurers. Most standard cyber policies include the costs associated with a cyber incident, including regulatory investigations and also pay for the defence and settlement of claims made against you by other parties whose data has been breached under the General Data Protection Regulation (GDPR). For example, one of the myths surrounding GDPR is that small businesses believe by outsourcing IT services they transfer the risk of a cyber incident to their supplier. However, all data controllers are primarily responsible for any breach and this cannot be transferred.
Additional insurance covers available
There are a wide range of additional insurance covers available dependent upon your needs. These include:
Risk Management Services Available
Prevention has to be the priority and RS Risk Solutions works with leading risk management partners who offer clients expert advice on the robustness of their systems and data processes. Helping clients to protect their businesses against cyber threats, cyber attack, internal threats and business outages. Many leading cyber insurers also include employee training as part of the standard service they provide their policyholders.
In addition, as part of our standard client proposition, RS Risk Solutions provides useful, up to date information via our Knowledge Zone, including cyber breach prevention tips and updates on cyber crime developments to help clients secure their business and adapt systems and processes as new risks arise.
All our clients can securely access a dedicated Knowledge Zone, which is tailored to their industry and specific areas of interest. In their Zone, they will find relevant reports, guides, factsheets and news supporting directors and employees’ training and development across a multitude of important subjects. We also provide a very secure area where our clients are able to access all their policy documents and other related information. This means our clients can always find their key insurance and risk management information in one safe location.
We do not limit the information in the Knowledge Zone to the insurance covers available but we provide information on regulatory, health and safety, risk management and business developments, including topics such as, cyber crime, case studies and GDPR.
Please contact us to find out more about cyber insurance and risk management available for your business.