Your business and Cyber Insurance

May 14, 2016 by Andy Crow

Your business and Cyber Insurance

Cyber Insurance is once again in the news as the country’s leading trade body in insurance is to create cyber committee to monitor developments and guide members.

Think of cyber insurance under a different name, data protection cover, and you should realise its importance. If everything you have on file is stolen or you are held to ransom to use it, could your business still operate?

Steve White, chief executive of the British Insurance Brokers' Association (BIBA) has called for improvements in the recognition of the value, awareness and take up of cyber insurance protection.

“Government statistics on cyber breaches reveal that 65% of large firms detected a cyber security breach or attack in the last year and 25% of these experienced a breach at least once a month.

Furthermore, the most costly breach was £3m and the average cost of a breach in large businesses was £36,500."

These numbers demonstrate that doing nothing is not an option and firms of all sizes need to take action.

He added that all businesses should be working towards the Government's Cyber Essentials accreditation to understand and mitigate its own risk.

Only 4% of SME’s have proper cyber liability cover, which is amazing as it is now becoming the biggest single threat to your business.

If you would like further advice on this or any other subject, please contact Chorus Business Advisers on 0845 8671263 or email info@chorusadvisers.co.uk

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