Cyber Liability claims scenarios
Digital threats to your business can take many forms, from phishing to ransomware, or even a negligent employee. But no matter what approach befalls your company, the financial (and often reputational) damage caused by a cyber attack can be devastating.
According to the Office of National Statistics, 39% of UK businesses identified a cyber attack in 2022, with the most common attack method being phishing (83%).
Alongside this, when looking at the cost of breaches with a material outcome, such as loss of money or data, the average cost to small businesses in 2022 was £3,080. When focusing on just medium and large businesses, the figure rose to £19,400.
To highlight some common examples of cyber attack, one of our insurer partners, Aviva, have created some Cyber Liability claims scenarios. These scenarios highlight some examples of typical Cyber Liability claims and also show how losses can quickly accumulate.
You can download the scenarios by clicking the link.
These Cyber Liability claims examples help you to understand what different types of cyber threats can look like. But more importantly, they demonstrate how vital Cyber Liability Insurance is in helping to reduce the financial impact of a cyber attack, to protect the longevity of your business.
To find out how Cyber Liability Insurance can protect your business, click the link.
We’re here to help
At Barnes Commercial, we work closely with our clients to gain an in-depth understanding of their business. This means that our recommended insurance programme will be unique to you, so if you should fall prey to a cyber related incident, you can be confident that your business will be financially protected.
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
