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An image of a hacker performing a cyber attack.

Cyber Insurance

Date: 10/03/2017

Author: Joshua Brian

We regularly hear about big name companies getting hacked and having important personal information stolen, resulting in huge pay-outs to retrieve the data, but you would be surprised by the amount of small businesses that also experience the same problem.

We are not looking to alarm you but if you own a business then you are at risk! 90% of large businesses and 74% of small businesses had a security breach over the previous year, with the average breach costing small businesses £75k. This amount of money could potentially collapse a business so why wait any longer to get insured?

One of the most common ways for a hacker to get access to your computer is through the use of email. They will attach files such as Zip files or Excel files containing Macros which appear meaningless. As soon as these attachments are opened it allows the hacker to install dangerous malware onto your computer. The reason this happens so often is because staff are not trained to spot when an email contains harmful material, especially with smaller companies as they think they are less likely to get hacked than bigger businesses.

A breach can happen at any time and hackers are always trying to trick people into giving them personal information, without people realising. It is important to brief your staff on the dangers of cyber-attacks so they know how to spot dangerous content that hackers will try to install on their computers. Around 68% of businesses say that the most common types of breaches were from viruses, spyware or malware.

Hackers are constantly looking for new ways to steal data off big and small companies meaning that no company is safe. Not only can a hack affect your bank account, it can also affect your company’s reputation. 58% of customers say a breach would discourage them from using a business and 89% of small businesses that experienced a cyber-attack said it had a negative impact on their reputation. It can take years to build up a respectable reputation and only seconds for a hacker to destroy it.

Benefits of Cyber Insurance:

  • Cyber Business Interruption provides compensation for loss of income, if a hacker targets your computer systems and prevents your business from earning revenue.
  • Cyber Extortion will protect you if a hacker tries to hold your business to ransom.
  • Telephone Hacking covers the costs of unauthorised telephones call by an external hacker following a breach of your computer network.
  • For more benefits of cyber insurance please click here.

    The average cost of a security breach to a small business is anything from £75k- £311k and 28% of SMEs in the UK say they would go out of business if faced with an unexpected bill of £50k. You are running a huge risk by not getting insured as costs can be huge and lead a small business into bankruptcy, no matter how good their security is. Get a free cyber insurance quote here today, before it’s too late!