Cybercrime is on the increase, which is no surprise as the whole world and its information is now held in various databases by various companies.
But who is a potential target for the cybercriminal?
The answer is anyone………………
- Anyone who holds information on their clients – including names and date of births, addresses, payment details, etc.
- Anyone who processes payments through their system.
- Anyone who has a website.
- Anyone who does online banking.
Hackers want all sorts of information on you and your clients, this could be to steal money from your online bank account, duplicate your website and sell fake goods or to steal your client’s information, money and identity. Most companies have a good level of cyber security with anti-virus’s and firewalls etc BUT if a breach has occurred both yours and your client’s information is no longer safe, which could open the door to a whole host of claims against you!
Do I need Cyber and Data Insurance?
You may have firewalls and antivirus’s in place but if a hacker wants to get in they probably will. You need to use the same approach as you would your home, you have locks on the doors and windows, but you still insure your contents…just in case. Cyber and Data Insurance can protect your business from the implications of a claim following a hack or virus. You can insure against many associated costs such as:
- Investigation costs.
- 1st and 3rd party costs.
- Notification costs.
- Phone hacking costs.
- Regulatory fines and penalties.
- Business interruption.
- Cost of reputation management.
What cover could I already have?
Chances are that unless you have a specific Cyber and Data Insurance Policy in force, you will have no cover at all for any cyber, hacking or virus-related risk. This is a general exclusion on most conventional insurance policies.
How much does Cyber and Data Insurance cost?
The cost of this cover can vary greatly depending on many different factors, such as the level of cyber security you require, the type of information you hold or process and the volume of information you hold or process. Often you can tailor your cover to include computer hardware, which may offer a saving on your property insurance and you can vary the limits of cover to your requirements.
If you would like more information, to discuss if you have a need or an exposure to Cybercrime or to obtain a personalised quote then please contact Alan Body at Omni Davis on 01243 864018 or email [email protected]