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

Should you consider Legal Indemnity Insurance?

9th October 2019

Legal Indemnity Insurance is a form of insurance that brings insurance solutions to legal issues that arise in the life...

The implications of VAT on Building Sum Insured

30th September 2019

Many businesses are not prioritising the valuation and risk assessment aspect of their insurance, fearful that it may lead to...

Commercial Property: Is your building valuation correct?

5th June 2019

Many businesses prioritise insurance and seek advice as to what covers they should consider in the event unforeseen event occurs...