Protection For Digital Assets
Why Is cyber Insurance Important?
Cyber crime is something that can impact all businesses. Larger companies have the resources to identify and prevent attacks in ways that smaller businesses cannot. However, things are not as one sided as may appear because cyber insurance as a protection is still relatively cheap as compared to the cost of smaller companies improving security to the levels enjoyed by more substantial companies.
Small to medium size companies (SMEs) are losing the opportunity of a lifetime. We always believed that cyber insurance was too cheap to be true and it seems as though we were correct. Major players like Axis and Tarian are reducing capacity in cyber insurance due to the growing frequency in ransomware demands. Prices are also up by 15-20%.
Given our view of the risk and the price levels, we have been amazed that SMEs have not bought cyber as a routine cover along with their property, employers and public liability covers. We personally know the owner of a small business who experienced an eyewatering loss from cyber theft.
We view cyber cover as an essential protection for small business. Prices have been too cheap and are rising, but still even at the full price for the risk – the difference between the premium for the insurance and the impact of a successful breach is still vast. Find a business owner who has been attacked and ask them.
Not Just Data
Perhaps SME owners and managers believe that they are too small for a hacker to bother about. All that time and talent – surely a hacker will go after a bigger prize. What SME owners need to understand is that cyber crime is not organised and run on an industrial scale. Most attacks are through infected links in emails and the process of sending these emails and responding to a vulnerability can be automated and run on computers 24/7. This article about a police raid on cyber crime HQ brings the process to light. This is systematic, indiscriminate attack. All it needs is for your company emails to get on the list and then for one of your employees to click the wrong thing. A recent survey highlighted that the average cost from a ransomware attack is £25,000.
You might not think your business has £25,000 however
Is Your Reputation Worth More?
One Size Doesn't Fit All
Protection from the result of an online attack is something businesses of all sizes face.
With over 30 years experience we will tailor your cover to support your requirements, ensuring the correct protection is in place. From cyber attacks to data loss suffered by your business.