Why over 40% of businesses experienced a cyber-attack in the past year

As businesses of all sizes become more reliant on technology and hold more data, the risks from suffering a loss related to problems with their computer systems or from holding sensitive customer data continue to grow. With more and more cyber attacks hitting the headlines, many companies find themselves confused about how cyber insurance actually works and are sceptical about whether it makes sense for their business to purchase a policy.

Most businesses now have a much a greater reliance on their digital assets than they do on their physical ones. Cyber insurance is necessary because traditional insurance policies were not designed to handle such threats.

If your business does not have cyber liability cover then you are potentially exposed to huge financial losses that can be incurred when digital assets come under attack. This can lead to costs from handling a data breach, lost revenue, a damaged reputation, and legal and regulatory costs, not to mention business disruption.

Cyber risk is an exposure that no modern business can escape. As a relatively new type of insurance, organisations can often have misconceptions and reservations about the cover provided. Cyber insurance solutions are available for all size of businesses. Please call 020 7929 0108 for more information on the different types of cover available.