Why your business needs Cyber Insurance

2nd August 2019

Cyber security threats can affect all areas of a business – large or small. Most businesses now have a much a greater reliance on their digital assets than they do on their physical ones.

It is imperative that employees are educated on the implications of cyber security as a business risk. 

Cyber insurance is necessary because traditional insurance policies were not designed to handle such threats. As businesses become ever more reliant on technology, the risk of suffering a loss related to problems with computer systems, holding sensitive customer data such as names and addresses or own employees payroll data, continues to grow – despite tighter controls through General Data Protection Regulation (GDPR) regulation. 

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.

You may have read in the press last month that British Airways is facing a record fine of £183 million from the Information Commissioner’s Office (ICO) after suffering a cyber attack in September last year. It is the largest fine the ICO has issued since the GDPR rules came into effect from May 2018.

To find out more about cyber insurance tailored specifically to the needs of your business please contact Horner Blakey Insurance Brokers on 020 7929 0108

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