Have you considered Cyber Insurance cover for your business? We’ve been looking at why UK SMEs should consider this cover in their policy package.
Many small to medium sized business owners feel that their business is too small or not valuable enough to be the target of a cyber attack. Yet according to data by insurer CFC, published in the most recent manifesto by BIBA, SMEs are the target of 96% of all cyber attacks.
These statistics demonstrate that cyber attacks are not just a big business problem. We often hear about cyber events at large, well known organisations though the media, but not about the attacks that happen on the average SME. Whilst cyber criminals will continue to attack larger organisations, their prevention capabilities are often more advanced than those of a smaller business, which present with easier vulnerabilities.
Additionally, only 38% of businesses have Cyber Insurance cover as part of a wider insurance policy and only 5% have taken a specific Cyber Insurance package, according to a 2022 survey by the Department of Culture, Media and Sport.
Cyber criminals see SMEs as soft targets for extortion, as they tend to lack the resources, time, and/or money to train employees on sufficient cyber security protocols. They also present backdoor opportunities into larger organisations, if they are part of a supply chain for example.
Pairing this with the huge shift toward online trading following the pandemic and the opportunities for cybercrime that this has afforded, Cyber Insurance cover is an increasingly important consideration in protecting the future of many SMEs.
BIBA has stated in their 2023 manifesto that they are committed to promoting their Cyber Insurance guide, which was made in collaboration with CFC, one of our insurer partners. The guide explains what Cyber Insurance is, why it matters, most common types of claims, security control measures, how you can get the correct coverage and more.
You can download the full guide here.
How can Cyber Insurance cover help?
Cyber Insurance essentially covers a business’s data, for example customers’ personal details, supplier information, employee records and confidential information about your business.
If your data is compromised because of a computer related crime such as a cyber attack, you are covered for the financial costs involved to get your business back up and running again. It also covers any compensation that may be payable to the people whose data was lost, along with associated legal costs.
Cyber Liability Insurance should be a key consideration for any business that holds data on a computer system, because even with anti-virus software in place, you can still be vulnerable to a breach.
Get Cyber Insurance cover for your business
At Barnes Commercial we’re here to help you arrange insurance to protect your business in the event of a cyberattack.
We work closely with our clients to gain an in-depth understanding of their business, so we can assess the potential risks being faced. This means that our recommended insurance programme will be unique to your business, so if you should fall prey to a cyber related incident, you can be confident that your business will be protected and recover quickly.
Arrange an appointment to talk to us today about how we can help you to develop a Cyber Liability Insurance package for your business needs. You can call us on 01480 272727 or send an email to enquires@barnesinsurancebroker.co.uk
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