Cyber Attacks and Data Breaches

It's a growing threat to all businesses that operate online, it can come out of the blue and devastate your operation and of course your profits. We are of course referring to cyber-attacks and data breaches.

A recent analysis found that the number of businesses reporting cyber incidents has risen from 45% in 2018 up to 61% in 2019. The frequency of attacks has also increased with average losses associated with all cyber incidents rising from £180,000 last year to £291,000 in 2019.

It's a name that is thrown around these days, but what do we really mean when we say "cyber-attack and data breach"? Well, the following examples give you a real-life problem that a standard insurance policy won't protect.

a) The files of a small business unexpectedly become encrypted and a ransom demand from a hacker arrives.

b) A staff member leaves their work laptop on a train which contains personal data resulting in notification requirements under GDPR.

c) An employee of a firm makes a bank transfer of £25,000 to fraudsters after falling victim to a phishing email supposedly from a senior manager.

d) An employee misconfigures a software update over a weekend leaving systems unavailable and causing a business interruption.

As you can see, all the above could happen in any small business and without the right kind of protection it could see the end of that business.

We are working with an insurer who has developed a product to be suitable for UK businesses of any size, and in any industry.

You are at risk and in need of this policy if you:

> hold customer or employee data such as names, addresses, bank details, passport copies etc;

> use a computer to operate;

> have a website;

> take payment via card;

> store data in the cloud or rely on cloud-based services;

> make electronic payments.

We can offer comprehensive, but flexible, cyber cover against wide-ranging threats – both those that exist today and those that may be adopted by criminals in the future.

The main highlights of the policy include:

data breaches – where personal or commercial information (electronic or otherwise) is accessed without authorization;

security failure – a hacker exploiting a weakness in security systems leaving a business exposed;

cyber-attacks – any digital attack against a business;

extortion – criminals holding systems or data to ransom

human errors – mistakes made by staff or suppliers that result in a data breach or system outage;

business interruption –the loss of income that a client may suffer from a cyber-attack and also covering lost revenue or increased costs incurred if a supplier’s systems are taken offline by a cyber incident.

GDPR – covering liabilities and the cost of defending regulatory investigations after any alleged breach of data protection legislation;

reputational damage – includes PR and crisis management support, and covers lost revenue or customers as a result of a cyber incident.

financial crime and fraud – the use of the internet to deceive employees, customers or suppliers into transferring money or goods;

property damage – physical damage to equipment or property resulting from a cyber-attack;

The premiums are extremely competitive and affordable and we can also offer 0% interest-free installments to help spread the costs.

If you would like to get a quotation today, then visit our contact page or get in touch using office@gleamingriskservices.co.uk