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The global COVID-19 pandemic has exposed a concerning increase in cyber-attacks.

Cyber Security Insurance

 

March 2021

The global COVID-19 pandemic has exposed a concerning increase in cyber-attacks, which leave small-to-medium enterprises (SMEs) vulnerable and unable to respond when they occur.

What is a Cyber Attack?

1. A cyber-attack is an invasion, driven by cyber-criminals, with the sole purpose of intentionally:
a. Disabling networks
b. Stealing your data
c. Using a breached computer as the focal point to launch further attacks

2. Hackers use advanced and targeted techniques to infiltrate vulnerable systems but more often than not they gain access to your systems  through human intervention, you a colleague or member of staff, falling fowl of a phishing scam.

3. Malware, once downloaded, can cause damage to any or all work devices, it can steal data or even crash your entire network.

4. A cyber-attack compromises any or all data, both business information and personally Identifiable information (PII), leaving you liable for notification and credit monitoring costs.

5. Cyber-criminals, when successful, can take control of your operating systems and demand a ransom to regain access.


Did You Know?

  • 63% of SMEs report experiencing a data breach in the previous 12 months
  • 83% of data breaches against SMEs are financially motivated
  • 85% of Managed Service Providers (MSPs) report Ransomware as the biggest malware threat to SMEs

Insurers widely consider a cyber-attack as the single biggest business ending threat to SME’s currently.

What is Cyber Security Insurance?

  • Cyber Security Insurance provides both a coordinated response and the support you and your business needs in the event of a successful cyber breach.
    • Cleaning & restoring infected computer systems
    • Recovering compromised data
    • Notifying customers & restoring personal identities of affected customers
  • Cyber Security Insurance provides support to deal with the costs incurred from legal fees and expenses.

Why do I need Cyber Security Insurance?

If your business handles sensitive or confidential data of any kind, or your business relies on a computer, laptop or phone, you should be protecting your data, in the event of a security breach. As an SME business owner, you will, in all likelihood, be liable for all costs related to the damage or loss of confidential company and client data.

Cyber Security Insurance supports you and protects one of your most valuable assets, DATA.

You need Cyber Insurance if you:

1. Run an e-commerce business
2. Are reliant on computers and mobile devices
3. Use email accounts or needs access to the web
4. Generate Invoices
5. Manage a website
6. Store confidential or sensitive electronic data

Cyber Security Insurance covers you for the following:

  • Cyber Attacks
  • Cyber Fraud
  • Data Breach
  • Breach Response fees
  • Network Business Interruption
  • Dependent Business Interruption
  • Legal Liability Damages
  • System Failure
  • Restoring Data
  • Staff Error
  • GDPR

What is Not Covered?

  • Potential Future Profit Losses
  • Loss of Value Due to Theft
  • Costs to Improve Your Software or Security Upgrades

Sample claims scenarios:

We have added a few examples below, of what could go wrong should you not covered:

  • A rogue employee learns she is going to be fired, and so she steals names, addresses, and other personal information from her company’s client database. She sells the information to a hacker who uses the identities to fraudulently obtain credit card details. The affected individuals file a suit against the company for identity theft.
  • An employee at a large financial institution clicks on a link in a phishing email that appears to come from a colleague. A cyber-criminal gains access to the financial institution’s server, impacting the entire business. The ransomware attack holds all systems hostage; preventing any ability to transact until the ransom is paid.
  • A media firm experiences a breach of client information. The computer system of the firm contains large amounts of data such as clients’ analytics, search engine optimization keywords, pay-per-click campaigns and confidential customer databases. The system’s security system upgrade lapsed, which leaves systems vulnerable, and is therefore hacked. The media firm is obligated to indemnify its client-base for breach costs, in order to notify impacted customers and lawsuits alleging negligence.


Don’t delay, Contact us today for a quote.