Cyber-exposures can impact businesses of all kinds, regardless of their size or area of focus. Recent data from the government found that one in four UK businesses suffered a data breach in the past year. Fortunately, Cyber Liability insurance policies can provide different types of extensions to protect your business from cyber-attacks.
While most Moving and Storage organisations have implemented a business continuity plan for disruption due to fire, flood or theft, many don’t have a management plan in place or cover which is specific to cyber-risks such as ransomware, phishing or email fraud.
If your business stores or handles customer data it is at risk of a cyber-attack. And, when a data breach or other cyber-event occurs, the disruption can be significant, often resulting in reputational damage, operational downtime, financial loss or legal action.
Cyber Liability cover should be held by any business that:
- Holds personal data (such as names, addresses and banking information)
- Electronically stores business-critical data
- Is reliant on technology to conduct business
- Has a website
- Has an online bank account
In this short video, we give you a brief overview of 4 key elements of cyber cover:
Financial loss due to unauthorized access to your IT network or if a third party deceives you or an employee into paying or transferring money by impersonating another person.
Cover for IT forensics experts to negotiate ransom demands as well as ransom payment (insurable by law) if a hacker holds your business to ransom or threatens to reveal sensitive data until a ransom is paid.
Cover for the costs associated with the infringement of copyright or trademarks, or defamation of a third party via electronic communications and cover to remove online content to avoid or reduce Multimedia Liability claims
Cover for the costs of unauthorized telephone calls made following the breach of your network.
To be best prepared for any potential cyber threat, it’s important to have a Cyber Continuity and Response Plan in place in addition to Cyber Liability cover. To get started, you can download a Cyber-continuity & Incident Response Plan Toolkit below.
If you already have a response plan, it’s important to routinely revisit your plan and make updates or improvements when new digital threats emerge.
It also helps to train your employees in simple cyber security principles, like keeping your software up to date, regularly backing up data, password security, and limiting access.
The cost of Cyber Insurance varies depending on certain underwriting factors.