Cyber Risks

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In a survey of information security breaches in June 2015, the Department for Business, Innovation & Skills reported that over 74% of small businesses have experienced a security breach in the last 12 months, with the estimated average cost to a small business of one of these breaches at £60,000*.

Key Points

  • Third party liability arising from data breaches
  • Hardware and data corruption
  • Assistance contacting clients in the event of a breach
  • Extortion by a hacker
  • Expert advice and assistance in the event of a claim

These are alarming statistics considering we are increasingly reliant on technology to transact business. Cyber and data risks are quickly becoming a major concern for businesses of all sizes, whether it’s a laptop left in a café or a virus emailed to your client database.

Whilst there are elements of cyber cover provided by computer or professional indemnity policies, they may not provide the same comprehensive level of cover, or you may not hold them. At Firth & Scott we can review your business’s requirements and ensure that you are not left exposed to a catastrophe and recommend a policy best suited to you which dovetails with any existing cover you may have.

With cyber risks costing the UK a reported £27 billion compared with £6.6 billion from fire*, it is imperative that this essential cover is not overlooked by any business.

 

* Study conducted by the Ponemon Institute 2013