Why you need Cyber Liability Insurance

28th February 2019

These days businesses are generally reliant on IT and email to operate efficiently.

The risk stemming from a loss related to problems with computer systems or from holding sensitive customer data continue to grow in number of attacks and 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 cyber crime, because unlike bigger firms, 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 risks continue to be topical across the insurance industry and remains a specialist area and whilst it is a relatively new insurance cover it is an exposure that no modern business can escape.

Tips to protect your business from a Cyber Attack

1. Install anti-virus, web filtering and firewalls

2. Keep software updates patches applied

3. Backup your files and data

4. Train your employees reminding them of potential ransomware threats. Some tell-tale signs:

  • Only click on emails that you are sure came from a trusted source
  • Emails claiming to be from well known, reputable organisations. These may have email ‘from’ addresses that differ very slightly from the official address – i.e. a 0 replacing O
  • Emails may have been sent by one of your contacts, whose own accounts have been hacked.
  • A robust policy regulating download privileges, defining rights per employee can extend protection across the business

5. Is it really the CEO emailing?

6. Formalise IT security policies

7. Password policy

8. Turn off immediately if suspicious activity is detected

Horner Blakey Insurance Brokers are advising clients and businesses to consider purchasing Cyber Liability insurance and will be happy to discuss your requirements and obtain quotations – please call the office on 020 7929 0108.

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