Advertorial: Cyber attacks think it won’t happen to you?

According to a 2015 government report, almost 1 in 4 small businesses were victims of a cyber-security breach last year. Many businesses now feel it’s no longer a question of if they might suffer a breach, but when.

It’s no surprise then that Cyber Liability cover is a hot topic among businesses and the insurance industry.

Businesses are likely to hold a lot of personal and sensitive data concerning their customers. And the increasing use of online portals, however secure you feel they are, could give hackers access to sensitive information held on customer accounts. You can find out more about personal and sensitive data at the Information Commissioner’s Office (ICO).

If a company suffers a breach and it is found that the IT security was inadequate, the penalties are high. Under new EU regulations if you have a cyber-security breach you will have to notify your customers and you could be fined up to 5% of turnover.

In addition to potentially substantial fines, it can also lead to lost revenue, a damaged reputation, and legal and regulatory costs, not to mention the associated business disruption.

Is it time to review your cyber attack protocols and insurance? Call Deacon on 0808 149 9564

Jan Goodchild is Marketing Manager at Deacon

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