If you hold any sensitive client, employee or supplier data, you could be at risk of a cyber-attack and data breach. A recent survey by Hiscox insurance found that 51% of UK businesses have experienced a cyber-attack in the past 12 months. Although large organisations such as the NHS attack make the headlines, it’s the threat to small and medium businesses which could have devastating consequences.
What kind of attack?
Ransomware is perhaps one of the most common cybercrimes. Designed to block access to a computer system until a sum of money is paid, it is software often delivered via phishing emails. Phishing emails are emails that look like they come from a legitimate source; they are tailored to the recipient and can appear very convincing. They often contain a link that, when clicked, enables the Ransomware to attack the system, rendering it unusable.
So what can CIOB members do?
Although Cyber insurance can’t stop a hacker getting in; it can provide crucial support if your data or systems are compromised.
Below are just some of the covers available to you under a Cyber policy. These covers work together to minimise disruption and help you manage and contain a situation following a breach.
· Breach costs
If you control personal data and someone gains unauthorised access, they could use it for criminal activity. This element of cover can help by bringing in the experts to investigate and manage the initial stages of a breach as well as the expenses incurred by having to notify those affected and any regulatory bodies.
· Hacker damage
If your data is stolen, copied or misused or your systems are corrupted following a cyber-attack, this cover could help repair or replace the damage caused to the hardware, software and data.
· Privacy Protection
Similar to a liability cover, privacy protection could cover compensation payments, regulatory charges and legal charges in defending yourself for breach of data.
· Business Interruption (BI) for Cyber
Our partner - Cyber BI insurance - covers loss of income if you’re unable to trade following a cyber incident. You may incur increased costs for trading elsewhere, for example, or even loss of income as a result of the reputational damage a breach may cause. If you lose income resulting from a cyber incident, this cover can help.
If you wish to seek further cyber protection, contact the CIOB’s insurance broker partner - Premier BusinessCare.