Cyber-attacks come in various different forms. Whether it’s from human error, opening an email attachment that turns out to be a virus, or a data-ransom, some things are just unpredictable. As much as you, your employees and your IT team put policies and procedures in place, it’s impossible to guarantee complete protection from cybercrime.
That’s why, having a continuity plan in place, in case that day does come is vital in protecting your business.
Putting in place a breach management plan will make sure you have the right procedures in place in case a cyber-attack happens. Unfortunately in today’s technology filled world, it’s almost not if, but when, with statistics showing 74% of small businesses and 90% of major businesses had experienced a data security breach in 2014*. To give you the best chance of surviving a cyber-attack, it’s important to understand the risks and the best protection for your business.
For example, when you think of cyber-attacks you might be inclined to think of online criminals sat behind a wall of numbers creating a way to hack into your system. However, this isn’t always the case. Sometimes it can be down to human error that your business is faced with a potential business breaking threat.
The threat of human error: case study
A building contractor, ABC Ltd, sent out a mail circular to their entire client database updating them on current trends. Within it, they highlighted a third party project by contractor XYZ Ltd that went badly wrong, and criticised the third party in question as a ‘what not to do’ example. The company was not named, but was easily identifiable. XYZ Ltd got sight of this email and, due to the ABC Ltd comments being defamatory and unsubstantiated; they sued the contractor for libel.
A cyber liability insurance policy will cover the costs for such a case, giving this business the best chances of getting back to work.
UNAUTHORISED ACCESS!
Avoid that stomach sinking feeling of a cyber-attack.
Why cyber liability insurance?
Cyber cover is becoming more and more important as, unfortunately, cyber-attacks are becoming more frequent as you might have seen in the news.
Cyber liability insurance can protect such things as data security; help with data breach costs; as well as regulatory defences and extortion.
It can also include upgrades for things such as phone hacking, which unfortunately seems to becoming more common within cybercrime. Protecting your cyber is becoming more and more important, so if you haven’t thought about it before or would like more information please feel free to contact us.
We are professionals in designing comprehensive cyber insurance, so if you would like more information visit jelfgroup.com/cyber
*Jelf Group: Government warns firms over cyber security threat
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