Ransomware, and attacks of similar nature are unfortunately becoming the norm in this digital age. With this in mind, it’s surprising how many people are reluctant to implement Cyber Insurance into their business – it’s even more surprising that most do not even know it exists.
Cyber Insurance doesn’t protect companies from cybercrime and malicious attacks, but it does mitigate losses in the event of a cyber-related security breach or similar event – just like your car or home insurance.
It’s been on the market for around 10 years but has gained more exposure in the past year due to high profile breaches like the WannaCry Ransomware attack, which affected many UK companies back in May. This particular type of attack essentially locks information or files on a computer and asks for a ransom to be paid before the files can be returned.
Cyber Insurance usually covers against:
According to the Cyber Security Breaches Survey 2017, almost 7 out of 10 large businesses identified a breach or attack, costing them on average £20,000, and in some cases millions. Out of the small businesses that were surveyed, 45% of them said they had identified breaches or attacks in the period of 12 months, costing on average £1,380 in damages.
Regardless of the size of your business, if you rely on information technology (IT) infrastructure for any part of your business processes, you’re at risk of system failure, brand damage, ransom demands and more, if your business was to fall victim to an attack.
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