What is Cyber and Data insurance?
Cyber and Data insurance protects your business against financial loss, disruption or reputational damage resulting from some form of IT systems failure. It covers you against the rapidly multiplying risks associated with running a digitally connected business in the twenty-first century and with processing third-party data within your IT systems.
Who needs Cyber and Data insurance?
Any financial services business operating without appropriate cyber cover in place is running a high level of unprotected risk. Around half of UK SMEs report some kind of cyber-attack annually. However robust your IT policies and procedures, you could still be affected.
What are the potential risks from cyber-attacks?
Cyber risk takes many forms. Denial of service attacks or ransomware can shut down entire IT systems and websites. Hacking or malware can mean losing control of client or other third-party data, proprietary data, or data critical to your operations. Cyber-attacks resulting in the loss or unauthorised sharing of third-party data can also have a devastating effect on your company’s reputation.