Some businesses and charities lack relevant coverage against cyber risk, especially as the number of cyber attacks continues to grow each year. Data breaches and compliance with GDPR are potential disasters waiting to happen for any business or charity that handles and processes the data of their users or clients.
It’s important to be aware of the potential risks that are posed by cyber threats. If you feel that you are at risk and require the relevant coverage, a Cyber Liability insurance policy may be recommended.
Horner Blakey Insurance Brokers advises clients and businesses to consider purchasing Cyber Liability insurance and will be happy to discuss your requirements and provide free quotations – Please call the office on 0207 929 0108.
What are the Potential Issues If You Suffer From a Cyber Breach?
There are long-term implications that could seriously affect your business. You may expect to pay increased insurance premiums because a large-scale breach has occurred as there may be deemed an increased risk of a breach happening again in the future. Depending on the nature of the breach, this could have serious long-term implications on brand loyalty as well as the perception of your business or charity for extended periods.
GDPR breaches can incur large fines with the current legislation stating that a fine of up to €10m or 2% of annual global turnover for not reporting a data breach incident fast enough.
Long-Standing Implications When Suffering from a Cyber Attack
There are long-term implications that could seriously affect your business. You may expect to pay increased insurance premiums due to the fact that a large-scale breach has occurred as there may be deemed an increased risk of a breach happening again in the future. Depending on the nature of the breach, this could have serious long-term implications on brand loyalty as well as the perception of your business or charity for extended periods of time.
GDPR breaches can incur large fines with the current legislation stating that a fine of up to €10m or 2% of annual global turnover for not reporting a data breach incident fast enough.
Insurance for Cyber Risks
The risk stemming from a loss related to problems with computer systems or from holding sensitive customer data continues to grow in the number of attacks in media visibility.
Despite the growing presence of cyber-attacks, research shows that businesses and charities still lack the proper measures to stop threats.
In some ways, smaller businesses are more vulnerable to cybercrime compared to bigger firms. This is because they are less likely to have teams of IT specialists in place to prevent or respond to a data breach, or the resources to invest heavily in cyber security.
Cyber continues to be topical across the insurance industry and remains a specialist area whilst it is a relatively new insurance cover it is an exposure that no modern business can escape. We advise clients and businesses to consider purchasing Cyber Liability insurance. For high quality commercial, property and personal insurance solutions please get in touch with our insurance brokers in Billericay Essex. Alternatively, please fill out our contact form and we’ll get back to you ASAP..
