CYBER INSURANCE - DOES YOUR BUSINESS VALUE ITS REPUTATION

Cyber Risk is one of the hot topics of the moment and continues its inexorable rise up the list of concerns for businesses worldwide. You only need to watch the news to know the risk of cyber threats is greater than ever before. These high profi le attacks, like the recent attack on the NHS, underline how important it is for businesses to take their cyber security seriously.

The true cost of cyber crime has been estimated to be on average £300-£400 billion a year globally and a recent UK government survey estimated that 81% of large corporations and 60% of small businesses suff ered a cyber breach.

All businesses, from a small fl orist to large multinational banks, have a duty of care to keep data secure, and the ramifi cations of not doing so can lead to severe legal, fi nancial and reputational damage. If your business processes sensitive data, such as credit cards, or you have intellectual property or personal information on your employees, customers or contractors, you need to consider your cyber risk. 

Despite these developments and the news headlines, many businesses still do not purchase cyber insurance either due to its perceived high cost, a lack of understanding of what is and isn't covered or because they believe they will never suff er a cyber attack.

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