What is Cyber and Data Insurance?
Businesses are becoming more and more reliant on technology as part of their day to day infrastructure. This reliance on technology has led to an increase in cyber crime which can include security/data breaches, brand defamation through public domains, or attacks on computer systems. It is estimated that 1 in 3 UK small businesses have fallen prey to this form of criminal activity.
If your business is targeted by a hacker or suffers a data breach, it takes time and money to fix. This can disrupt your business, lead to lost revenue, a damaged reputation and regulatory fines. When it comes to cyber security, cyber insurance is a key way to ensure your back is covered should the worst happen.
You may need cyber risks cover if:
• You hold customer, supplier or employee information, like names, addresses, bank details or email addresses
• You use a computer to run your business
• You take card payments or make electronic payments
• You have a website