cyber attacks

Cyber Attacks – Is the Threat Real?

Cyberattacks on household-name companies make headlines and get everyone talking. The November 2014 Sony malware attack, which was not detected by anti-virus checkers, made big news and the frenzied response from President to IT exec is well documented. What made a number of business minds buzz was the fear that if a multinational company can succumb to such an attack what hope is there for the rest of us?

What is it?

Historically the only way you could lose all your data was fire or an ‘act of God’. These days, all of our details are held online. Either on servers or in the cloud and it’s not just company information that can be accessed by skilled hackers, it’s personal information and financial information for employees and customers alike.

Attacks on corporate entities through data has been prominent in novels and films for decades. It is a well-known threat and something that all companies try to avoid, but how safe are your safety measures? Many may think they are too small to attract the attention of the data thieves but size is not an indicator of threat. The hackers do it because they can, because there is money in it and most likely, for the challenge!

What does it mean for you?

What happens when you are hacked? It can take different forms, but the most likely outcome is the theft of your financial data, money transfers, customer payment details, card numbers, bank accounts, etc. The side effects can be catastrophic for the business involved and its customers. The reputation of the business can be severely damaged, as your security would be discredited and the trust placed in you by your customers will plummet. There are times where it has brought the company down through legal action and compensation claims.

How can this be avoided?

The most obvious answer to this is ensuring your security systems are the best they can be, but this is evolving all the time, as are the criminals responsible for the hacking. Can you ever ensure your company is fully secure from a cyberattack? Possibly not, but you can insure against the more financially crippling outcomes. Mitigating the circumstances with Cyber Liability Insurance is peace of mind that can ensure the continuance of a business after an attack.

There is no time for complacency when it comes to online safety. If you still think it is scaremongering and it can’t possibly happen to you, you walk a dangerous line. We live our lives online. Our work lives are spent in-front of computers, our personal lives are governed by computers, payments, social media, memberships. It all has data stored on a server somewhere and your customers use your website, access your systems and make payments. Customers trust that you are safe to use and that their data will remain uncompromised. How sure are you that you can guarantee that their trust is well founded?

Benefits of Cyber Liability Insurance

In short, it’s a risk transfer solution providing protection to manage the damage and mitigate the costs involved to investigate, notify and resolve, a loss or theft of data, network interruption or privacy violation incident. Cyber Liability Insurance plugs the gap found in most traditional Business Insurance policies and is an ever growing risk which presents a clear and present danger.

Contact Adam Lawrence to find out more about Cyber Liability Insurance on 0118 916 5480.

Learn more

Read more articles about Cyber Liability Insurance
Read our 10 steps to cyber security
Learn more about our products and services
Learn more about insurance for technology companies
Download our useful business guides
Learn about our financial services for your business

*Information correct as of 1st May 2016

Author: Adam Lawrence | April 14th, 2015

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Adam Lawrence

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