From 20th March 2017, the Odgen rate of discount has been reduced from 2.5% to -0.75%. The discount rate reflects Read More
Data security and the threat of cyber-attack are key emerging risks for businesses.
Our reliance on technology is growing all the time and the majority of businesses depend upon computers, portable devices, cloud computing, internet and emails to operate day-to-day. These days, even small organisations hold ever increasing amounts of data, for example, on employees and about and for clients. What would you do if all your data was maliciously erased or corrupted and you cannot recover the data?
Cyber insurance can provide protection against your “cyber liability” for privacy breach or transmission of a virus, damage to your IT infrastructure caused by a cyber-peril (such as hacking attack, virus or malicious damage to your computer systems), cyber-threats or extortion and subsequent loss of profit. The risks are huge and are not covered by standard commercial insurance.
Some worrying Cyber Insurance Statistics
- The average cost of an information security incident is £10,000 – £20,000
- 2011 Government report estimates the value of Cyber Crime to the UK economy at £27 billion per year
- 73% of employees use USB drives without obtaining advance permission to do so
- 72% have lost USB drives without notifying management
- 55% use generic or free USB drives
- Nine billion connected devices worldwide, predicted to rise to 24 billion by 2020
- Approximately £9 trillion exchanged hands globally each year in e-commerce
- More money is said to be made from cyber-crime than the illicit drugs trade
- The average time to resolve a cyber-attack is 18 days
- Each week, nearly 3,500 domains are hijacked from rightful owners, any business could easily fall victim to brand and domain theft.
Santander Bank, Adobe, LinkedIn, Playstation and Sony: just a few high profile companies that have hit the headlines in 2013 having had information access by hackers.
Additionally, we can provide specialist wordings and policy coverage for technology companies, online retailers, web publishers and creative industries. Talk to us today for a bespoke solution to your company’s cyber insurance requirements.
Naturesave’s Cyber Insurance protects your business against many of the cyber-related dangers such as damage caused by viruses, hackers, data loss and cyber threats. Our Cyber Insurance can be bought as a stand-alone policy or as an add-on to our Commercial Combined Insurance. If you would like to take out Cyber Insurance, please complete our Cyber Insurance Proposal Form.
If you are unsure about the level of cover required, or about types of business insurance, please do not hesitate to call us directly on 01803 864390 or Contact Naturesave for help and a quotation.