In a recent 2020 survey, the UK Government Department for Digital and Culture has reported that almost half of UK businesses (46%) and a quarter of charities (26%) report having cyber security breaches or attacks in the last 12 months. This higher among SMEs (68%), large businesses (75%) and high-income charities (57%).
- Third party liability arising from cyber and data breaches
- Stolen/encrypted data
- Financial loss
- Business interruption costs
- Reputational harm
- Legal expenses
- Social Engineering Fraud
- Operational Error
- Malware (Malicious software)
- Phishing scams
- Extortion from Cybercriminals
- Assistance in the event of a claim forensic and security experts
- System and data rectification costs following a breach
- PR support
- Advice and assistance on notification to clients
- Better cyber security risk management
According to a report by the Centre for Economics and Business Research (CEBR), cyber and data breaches has cost the UK £34 billion over the past year. The reported costs included revenue, intellectual property loss, and the increased cyber security that businesses are having to spend on to prevent further breaches.
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, so surely it is imperative that this essential cover is not overlooked.
Whilst there are elements of cyber cover provided by computer or professional indemnity policies, they will 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.