Manchester, Liverpool, North Wales, Lancashire
At BiS, we have specialist insurance products for Cyber Insurance which provides your business with the right amount of protection against acts that are becoming increasingly frequent. It appears that every day we hear about businesses’ networks being exploited and data theft occurring, and such attacks are now considerably commonplace within all areas of business. It doesn’t matter how big the business- it appears that no matter how large the company, data breaches and security issues have, and will happen.
Businesses may find themselves attacked on varied fronts – straightforward hacking into company data from servers or other IT systems used in the business, phone hacking from company mobile phones, or ransomware – programs unwittingly installed upon work computers without the user’s knowledge which will hold part, or all of your company’s data to a monetary ransom.
The future’s never been scarier- with recent figures stating that 90% of large businesses have suffered a security breach within the last year. Smaller businesses might feel that there is little need to get protection from cybercrime, but it’s a sad fact that smaller businesses are also attacked. For instance, recent government figures show that 75% of smaller businesses have suffered security breaches within the past year – and the average cost of which is £75,000. Considering that smaller businesses generally do not have the same Business Continuity Planning that larger companies enjoy, the impact to a smaller business as result of a data breach can be catastrophic.
Many businesses feel that because they don’t handle customer’s financial information that they have less exposure than most in regard to cybercrime. However, that is not the case. All businesses are targeted by cyber criminals, due to the fact that they do hold data on their customers – financial or otherwise. That means that any subsequent loss of data through cyber attack can result in heavy fines and without an insurance policy your business will be incurring that cost directly. Furthermore, your business can lose revenue through being unable to operate following a cyber attack – if you rely on internet sales supported by email and you are attacked you will not be making those sales.
BiS Insurance offer competitive policies in regard to cyber insurance, with products that can give you the amount of cover you need.
Our most basic policy offers you;
- Protection from the impact a data breach can have on your business, as well as protect you from your liability toward other parties
- Up-front and effective initial advice and incident management, as well as detailed investigation and restoration costs
Our more comprehensive products offer you the above, and more;
- Cover against business interruption- protecting you from the cost of being unable to earn revenue following a cyber attack
- Cyber extortion cover- protecting you from ransomware or any hacker holding your data to ransom
- Hacker Damage costs
- Comprehensive privacy protection – which covers the costs of defending and settling claims levied against you and your company for failing to keep a customer’s data secure
- Multimedia Liability – allowing you to defend matters of copyright infringement or libel without fear.
Further extensions can also protect you from direct financial losses that occur in event of a cyber attack, such as theft of money or property, even up to specialised attacks such as telephone phreaking where a telephone system is hacked and used to make premium calls.
With such a variety of policies, it can be very easy to feel overwhelmed. BiS Insurance offer a friendly service with your needs in mind and will sell you the product that you and your business needs – taking into consideration all of the factors of your business. Contact us for more details.