Technology is advancing at a rate of knots and with this comes a whole host of risks. Cyber- attacks are not only a worry for large businesses but can be extremely detrimental to small businesses too. Just because you are small doesn’t mean you won’t be targeted, in fact, cyber attacks and data breaches are among the largest risks that small businesses currently face!
I have noted some reasons as to why this is the case below:
- Hackers don’t always target the business – They will target the vulnerabilities of a website. If your website has vulnerabilities and they notice, you will be targeted.
- You don’t think you will be targeted – Hackers know you aren’t worrying about a cyber attack. Because of this they know it’s likely to be much easier to gain access to your data than a company actively investing in their cyber risk.
- Data Grows Quickly – You may only think that you are a small business but your data might tell a different story. The data you collect snowballs and it is really easy to lose track of it. Before you know it you have thousands of pieces of data and it will be at risk if your systems are compromised.
- You have big clients – You may not be a business with 7 figure revenues but one of your clients may be. If they gain access to your systems, they may then be able to find a back door into your biggest clients systems.
Protecting your devices and data is extremely important and if you don’t have a combination of the right cyber Security and Cyber Insurance in place, it could prove devastating for you, your clients and your business.
I may not be able to help you with your cyber security but I can certainly help you with your cyber liability.
Cyber Liability – This is coverage that will protect your business from the financial loss that could be caused as a result of a malicious cyber hack or data breach. It will provide you with the support needed to help you stay above water.
It will usually cover first party and third party financial losses and reputational costs as a result of the attack. For the first party it will include costs for the following:
- Investigating the cyber attack
- Recovering the lost data
- Restoring the systems
- Loss of income due to business shutdown
- Reputational Management
- Extortion payments demanded from hackers
- Notification of breach to third parties
Third party coverage will include costs for:
- Damages and settlements to third parties
- Legal defence for claims of GDPR breaches
If your Cyber Insurance renewal is due or you don’t currently hold Cyber Insurance and want to know more, please get in touch on 01905 27775. Alternatively, feel free to email me at [email protected].