by jqm | Jan 4, 2023 | Cyber Liability Insurance, Latest News
Companies hoping to see the year out without any disasters might want to prioritise protecting their data, as online crime continues to be a growing problem among businesses.
The National Cyber Security Centre (NCSC) recently revealed there were as many as 6.4 million reports received by the Suspicious Email Reporting Services (SERS) in 2022, resulting in 67,300 bogus URLS being removed.
Since its launch in 2020, it has dealt with 15.8 million reports and taken down nearly 200,000 sites.
NCSC deputy director for economy and society resilience Sarah Lyons said cyber criminals are becoming better at making their scams more convincing.
“By shining a light on these scams we want to help people more easily spot the common tricks fraudsters use, so that ultimately they can stay safer online,” she stated.
It has advised companies to protect their data as much as possible by implementing a two-step verification procedure. Staff should also use ‘three random words’ for their passwords, as this makes it harder for cyber criminals to hack into their accounts.
NCSC also suggested employees avoid creating passwords that can be easily cracked, such as from significant dates, favourite sports team or book, or family or pet names.
‘Three random words’, however, makes passwords “that are ‘long enough’ and ‘strong enough’ for most purposes but which can also be remembered much more easily”.
It is also important to protect yourself by taking out the right cover. Speak to our business insurance experts in Staffordshire for more advice on what protection you need for your enterprise.
by grant | Dec 9, 2020 | Cyber Liability Insurance
Cyber/ Data Protection For Your Business
Cyber insurance is specialist business insurance to help protect you in the event of a cyber-related attack or event. This could be a regular cyber-attack, a hack into your company system, a ransomware attack or any number of other cyber assaults. It can even include hardware failure and data breaches.
If your business, like almost all in the present day, uses IT, you are at risk of cybercrime. This is a concern for all businesses of all sizes. Small to medium sized enterprises are actually more at risk than larger companies when it comes to serious company damage, as you may not have the capital to recover in the aftermath of an event.
Cyber insurance comes at many different levels and can protect you from a wide range of technological issues and failures. Securing cyber insurance with Just Quote Me ensures you get a good value, comprehensive policy.
Why does Cyber Insurance matter for your Business?
Cyber-attacks have brought some of the largest companies in the world to their knees. Imagine this happening to your business. With companies such as Equifax, the NHS and FedEx effected by cyber-attacks, it can happen to anyone. Cyber insurance provides financial peace of mind should a cyber event effect your company. No business owner can afford to ignore this potential threat.
Do all Businesses need Cyber Insurance?
Cyber insurance protects your business from cyber risks. If any aspect of your business is run online or uses the internet, then it should be a consideration. It protects against risks which could damage both your business’ financial position and reputation. Almost all businesses now rely on IT for some element of their services, so there are probably very few who can honestly say they can do without cyber insurance!
You may find your existing policies such as business interruption and professional indemnity insurance have a degree of cyber protection, but is it comprehensive enough? These policies are not designed with the latest cybercrimes and threats in mind, whereas the best cyber insurance policies are.
What does your Cyber Insurance cover?
Cyber insurance may cover several different things, dependent on the level you opt for. You will find policies which offer scalable cover including elements such as:
- Financial cover for dealing with data breaches
- Financial cover for dealing with any cyber liability compensation claims
- Financial cover for business losses and interruption
- Financial cover for supporting your business through the aftermath and impact of the cyber event
- Financial cover for hardware and data repair and replacement
- Forensic investigation, expert advice and IT support
Cyber Insurance Quotes with Just Quote Me
At Just Quote Me we can help you find the right level of cyber insurance for your business. Our many years’ experience in business insurance allows us to quickly and efficiently get a good understanding of your company and its needs. Contact us today to get your cyber insurance quotes.
You can get a FREE no obligation Cyber Insurance quote today on 0800 084 2325 or fill out our Quick Quote Form.
by Stephanie | Oct 29, 2019 | Business Insurance, Business Insurance Blog, Business Insurance UK, Business Liability Insurance, Cyber Liability Insurance, Security Company Insurance
According to the UK Government, last year, over 30% of businesses and 22% of charities experienced a cyber-attack or IT-related security breach. This figure has increased year-on-year for the last four years. Some experts estimate each incident costs companies approximately £27,000 to recover. With this in mind, cyber liability insurance becomes essential.
What is a cyber-attack?
The press often focusses on large-scale breaches, such as the NHS ransomware attack of 2017. However, many cyber-attacks are smaller in scale, though they can be just as disruptive to businesses. They include:
- Phishing emails aimed at gaining access to systems by encouraging staff to click on links embedded within them.
- Attackers impersonating their company in order to attack customers and clients.
- Viruses and malware, including ransomware, which can steal data or shut down systems.
Given how many businesses rely on IT to carry out their day-to-day operations, it is vital, therefore, they are protected. This includes having the right IT systems in place to keep their, and their clients and customer data, safe and insurance for if they are attacked.
What does cyber liability insurance cover?
As with all insurance, cyber liability insurance covers different things depending on the level a business chooses. However, for fully comprehensive cover, it should include financial cover for handling:
- Data breaches
- Compensation claims
- Losses and interruptions
- The aftermath and impact of a cyber-attack
- Hardware and system repair and replacement
Ideally, it should also include forensic investigation and specialist IT support.
Buying cyber liability insurance
Companies should opt for comprehensive insurance wherever possible to ensure they are covered for all eventualities. The best way to find this is through an independent insurance broker such as Just Quote Me, who can find you the best policy for the best price. Contact them today on 0800 084 2325 for a free, no obligation, cyber liability insurance quote.
by Stephanie | May 27, 2019 | Business Insurance UK, Business Liability Insurance, Compare Public Liability Insurance Quotes, Cyber Liability Insurance, Employers Liability Insurance, Insurance, Just Quote Me, Office Insurance
In today’s litigious society, recruitment and employment agencies are exposed to all number of risks. Employee’s getting injured at work, a contractor working negligently, a client claiming wool has been pulled over their eyes regarding a candidate’s qualifications. The scope for recruitment agencies being sued is huge, which is why you need recruitment insurance.
Know your exposures:
- Failure to perform required background checks on candidates
- Placing a candidate who does not have the suitable experience or qualities for a role
- Passing a CV to an existing employer or third party without a candidate’s expressed consent
- Vicarious liability arising out of actions of on-hired employees
A few years ago a Recruitment Agency specialising in the legal industry learned of a potential job opening at a law firm. The Agency was not on a retainer or contract with the firm but sent a candidate’s CV through as a starting point. They never heard back.
The firm never advised that they had hired the candidate, but 6 years later they sued the Recruitment Agency. The candidate was found to have misappropriated funds and had a prior conviction for similar offences. The firm claimed the Agency should have conducted reference and criminal history checks.
The Recruitment Agency immediately notified their insurer, who successfully argued that they were not responsible and had not recommended the candidate.
The moral of the story? A recruitment process can give rise to claims many years after they’ve concluded, so recruitment agencies need insurance. Remember:
- Have professional indemnity insurance
- Keep good records of all your interactions with clients
- Understand your obligations when prospecting and vetting candidates
- Notify your insurers of potential claims and incidents immediately
The main covers to opt for when taking out recruitment agency insurance are;
Professional Indemnity Insurance – Addresses the legal costs of defending claims and meeting compensation payments that may arise from negligent advice or services provided by a business or an employee.
Public Liability Insurance – Covers your agency against legal proceedings should a member of the public be injured or client property damaged as a result of negligence by your company.
Employers’ Liability Insurance – Covers the cost of compensation should an employee get injured or ill whilst working in connection with your business. £5 million Employers liability insurance is a legal requirement for all businesses.
Cyber Liability and Crime Insurance – Protect your businesses against the threat of cyber-crime. Whether you are a sole trader working from home or an established high street employment agency it pays to have adequate insurance in place to protect you and your business, so you can continue to thrive.
Insurance helps take some of the worry and stress out of running your business and can also help your business to grow. You should be aware that it is difficult to acquire preferred supplier status without proving to clients that you have suitable cover in place.
Don’t risk it. Cover your business with recruitment insurance today by getting in touch, or see more information on our website.
by Stephanie | May 21, 2019 | Cyber Liability Insurance, Employers Liability Insurance, Insurance, Insurance Online, Insurance Quote Online, Just Quote Me, Public Liability Insurance
Insurance is a key part of the risk management process for charities and non-profit organisations. It’s important that these groups who do so much good, with so few resources, protect themselves; charity insurance can provide that protection. With the financial security provided by insurance, your organisation can focus all its resources on its charitable aims.
The first check is to ensure you’re complying with the law. Employer’s liability is a legal requirement if you have employees. £5 million is the minimum indemnity, but £10m is standard. Specialist charity insurance may cover your volunteers as if they were employees rather than third parties covered by your Public Liability.
If you own and operate vehicles, you’re legally required to appropriately insure them, if you put on fundraising events, you need public liability insurance, and if you have data online, you need cyber risk insurance -there will also be other instances where you could be vulnerable.
Is it important to be insured beyond the legal requirements?
Yes! Insurance exists to protect your organisation and your assets from the financial impact of claims. Should a member of the public slip on your premises, despite your best risk management efforts, you may be liable – this is the sort of claim that could cause financial ruin and put a stop to all the good that you have been doing.
What could happen if you’re not insured?
It depends on your charity or community group governance. However, if you’re not a registered charity and someone makes a claim against you, then you may be personally liable. Equally, even if you are a registered charity, a claimant may choose to take the charity to court and may pursue compensation from the trustees.
Whatever the situation, if you don’t have insurance then your charity or non-profit is at serious risk of financial ruin. And there’s potentially a significant risk to the board of trustees too.
What should you do about insurance?
The first step towards insuring your organisation should be discussing your requirements with an expert. We can assist you with your insurance requirements and risk management.
What charity insurance should you consider buying?
You may consider a range of insurance products. Common cover required by charities and community groups include Public Liability, Property, Trustee Indemnity, Professional Indemnity, Fidelity and more.
What are the common insurance covers for charities and community groups?
Public Liability protects you from claims made by members of the public who have suffered personal injury or property damage because of your charity or community group. Property Damage insures your building, contents and assets against loss, theft or damage and is key to risk management.
Trustee Indemnity protects your board of trustees from claims made against them or the organisation. This will help your trustees sleep well at night and can help you recruit top quality trustees. Professional Indemnity protects you if you provide any professional, advice or counselling services or similar. And Fidelity cover insures you against theft or fraud by an employee, volunteer or trustee. Other types of insurance are available.
Where should you start your search?
Find an insurer who will know exactly what you need, and get their advice. They will know more about your requirements and about the products available.
Don’t risk it. Cover your charity with Insurance today by getting in touch!
by Stephanie | May 2, 2019 | Business Insurance, Cyber Liability Insurance, Insurance Online, Insurance Quote Online, Just Quote Me, Small Business Insurance
All businesses rely on an IT infrastructure to some degree. As a result, you are exposed to the risks of business interruption, income loss, damage management and repair, and possibly reputational damage if IT equipment or systems fail or are breached, and you don’t have Cyber Liability Insurance.
A UK Government survey estimated that in 2015 74% of small to medium-sized organisations suffered a cyber breach. The average cost of a cyber-security breach can be as much as £310,000.
This is especially important to you if you hold:
- Sensitive customer details such as names and addresses or banking information
- Rely heavily on IT systems and websites to conduct your business
- Process payment card information as a matter of course
What is Cyber Liability Insurance?
The penalties can be high if a company’s IT security is found to be inadequate and a breach occurs. Under EU regulations which came into force 25th May 2018, you are required to notify your customers of a cyber security breach and could be fined up to 4% of your turnover.
In addition to potentially substantial fines it can also lead to a damaged reputation, legal costs and associated business disruption and lost revenue.
Will your customers trust you after a security breach?
Cyber Liability has become headline news following a number of high profile hacking cases. This has led to a greater awareness of the risks and need for cover. Yet it’s not just the large corporates who are at risk.
As a business, you are likely to hold a lot of personal and sensitive data concerning your customers. The increasing use of online portals could give hackers access to sensitive information held about individual customer accounts.
Cyber Liability covers you against financial losses and third-party liabilities up to the limits chosen arising from cyber attacks.
Every organisation is a potential victim
All organisations have something of value that is worth something to others. You may experience some form of cyber attack if you openly demonstrate weaknesses in your approach to cyber security by failing to do the basics.
Part of your risk management process should be assessing whether you are likely to be the victim of a targeted or un-targeted attack. Every organisation connected to the Internet should assume they could be a victim of the latter.
Either way, you should implement basic security controls consistently across your organisation. Where you may be specifically targeted, ensure you have a more in-depth, holistic approach to cyber security.
The Stats
Recent reports revealed that despite increased efforts and spending in the realm of reducing cyber-risk, over 60 per cent of UK businesses identified that they have a cyber-security skills gap. What’s more, over half of these organisations believe they have an increased risk of suffering a data breach as a result.
What does your Cyber Insurance cover?
Cyber insurance may cover several different things, dependent on the level you opt for. There are policies which offer scalable cover including elements such as:
- Data Breaches
- Dealing with any cyber liability compensation claims
- Cover for business losses and interruption
- Cover for supporting your business through the aftermath and impact of the cyber event
- Hardware and data repair and replacement
- Forensic investigation, expert advice and IT support
Don’t risk it. Cover your business with Cyber Insurance today by getting in touch or going to this page on our website.
If you would like to know more about the possible risks and solutions to your business’ IT department, we’ve prepared a PDF with more information which you can download here.
by jqm | Apr 19, 2018 | Business Insurance Blog, Cyber Liability Insurance
The new General Data Protection Regulation (GDPR) comes into effect on 25th May 2018 and it makes it more important than ever before that your business is compliant. What’s more, having the right data protection insurance in place is crucial too.
Cyber losses and crime cost the UK economy billions every year and data has become a key asset that criminals are desperate to get hold of. Your businesses data is one of its most important and valuable assets, but it also high risk if uninsured. The new European legislation sets out rules for keeping data secure but it also comes with higher financial penalties if you do not comply. GDPR covers both data privacy and data control and security and the right insurance can protect your financially should there be issues with your levels of compliance.
What does Data Protection Insurance cover?
Data protection insurance is extremely specialised. It covers (or attempts to cover) the many potential consequences of data leak, breach and hacks. It is similar to cyber liability insurance except applies only to data and data protection breaches.
Data Protection Insurance may cover:
- The cost of security damages due to the data breach
- Ransom and extortion cover
- The cost of fines and defence should you receive a penalty due to the breach
Each policy is unique and there may be specifics to your industry to take into consideration too. The main thing for most businesses to do is ensure they review that data protection protocol and strategies in line with the new European legislation.
Data Protection Insurance with Just Quote Me
Just Quote Me employ specialist insurance professionals who work with businesses of all background. We make it our businesses to have the latest information in all relevant business areas including regarding GDPR. Get in touch today to discuss your data protection insurance policy options with us.
by jqm | Mar 22, 2018 | Cyber Liability Insurance
Cyber-attacks can happen to any business, big or small, and while cyber insurance can’t protect you against them, it will help you financially. Cyber insurance can keep your business afloat should you be the victim of a data security breach, cyber-attack or similar.
Technology has become entirely integral to how almost every business operates. Your operations, systems and more are probably connected to the internet in some way. Almost all businesses store at least some files online. Every online resource you use has the potential to be compromised by cybercriminals. While this can sound daunting, it doesn’t need to, with the right security plan in place. Your company’s security plan must include protection against cyber-attacks, best found in the form of cyber insurance.
What is a Cyber Insurance Policy?
Cyber insurance, sometimes called cyber liability or cyber risk insurance, exists to help your business mitigate the cyber risk exposure by offsetting costs that come after an attack. It also helps financially during the recovery period. Cyber insurance may cover many different things but the main elements of a policy are usually:
Investigation
Forensic investigation is essential after a cyber-attack and this is a costly process. Your policy will cover this investigation and help ensure the results are found and can be used to prevent further attacks
Business Loss and Interruption
Your cyber insurance policy should cover you against financial loss due to the cyber-attack. This could be financial losses due to downtime, management of the crisis and repairing reputational damage.
Customer Privacy Support and Management
If your customer’s data is compromised, you need to keep them in the loop and support them. You will need to notify them, and you may need to provide credit monitoring. This is especially important if your breach has seen their private financial credentials compromised.
Compensation and Extortion Costs
You may find third parties claim for compensation against your business in the event of a cyber-attack. You may also fall victim to a ransomware attack where the cybercriminals extort money to release your data or system. In each case a comprehensive cyber insurance policy should provide the cover you need.
Cyber Insurance at Just Quote Me
Work with us at Just Quote Me to find the best cyber insurance policy for your needs. This kind of policy is available for businesses of all sizes. Our friendly and knowledgeable team are on hand to help you find the best cover for your business.
by jqm | Feb 15, 2018 | Cyber Liability Insurance
The internet has changed the way the world works. Businesses like Just Quote Me wouldn’t be able to function in the same way without it but it does open companies up to additional risk. Any risk is something a business needs protection against and cybercrime and attacks require comprehensive cyber liability insurance for peace of mind in business.
Evidence suggests that the cost of cybercrime will hit a staggering $6 trillion by 2021 and this isn’t just a cost for large businesses. Companies of all shapes and sizes are at risk of cyber attacks and should have the right cyber liability insurance in place to protect them.
Handling the Threat of Cybercrime with Cyber Liability Insurance
There are a wide range of potential risks if your business experiences a cyberattack. Threats include:
- Security breaches which lead to financial or data theft
- Denial of service attacks which lead to loss of access to your online portals, files and/or software
- Damage to the company or third-party systems and websites
All of these types of attack come with costs, both to reputation and in financial terms. You may have to face data recovery costs, client compensation costs and other associated outlays which very few businesses can afford without difficulty. Managing the costs of cybercrime can be avoided if you have the right insurance in place and protect your business appropriately.
Cyber Liability Insurance with Just Quote Me
Cyber liability insurance providers recognise businesses of all sizes are at risk from cybercrime. This means there are policies to suit businesses of all sizes and types. Businesses who are heavily reliant on the interest such as e-commerce stores, may require a higher level of cover than those who simply maintain a small website. It is important to remember this insurance is important whether you’re a frequent web user or not. Your business’ online presence requires protection just as much as it’s physical premises.
At Just Quote Me we have many years’ experience in specialist insurance. Growing as the internet has grown we recognise the growing risks of business online. We can work with you to find the right cyber liability cover for your business.
Contact us today to get your free quotes.
by jqm | Feb 8, 2018 | Business Insurance, Business Insurance Blog, Cyber Liability Insurance
Many small businesses owners believe cyber attacks won’t happen to them. Hackers, cyber criminals and other online fraudsters only care about big business. This is far from the truth. No company of any size can afford to ignore the risks of cyber-crime. Your business needs to take cyber-crime seriously and you need to consider cyber insurance for your business.
Cyber attacks take place every four seconds in the UK, according to ONS statistics, and there are millions of computer crime attacks reported every year. Cyber-crime can result in monetary loss for your business, downtime which can affect income and serious reputational damage. Cyber insurance will help protect your business financially should an attack take place.
Cyber Insurance for Businesses
This type of insurance will provide financial protection should a cyber attack affect your business. There are policies at all cover levels scalable to the smallest businesses, as well as much larger companies. Your cover will depend on the quote you accept but it should include:
- Data breach protection
- Cyber liability compensation claim cover
- Business interruption cover
- Downtime/business losses cover
- Hardware and data repair cover
All policies also incorporate forensic investigation and IT support, allowing for a closer look at what has happened. This type of insurance is incredibly specialist and can be daunting if you have little or no experience of IT and computer-related issues. It is easy to ignore cyber-crime, but if it effects your business, you won’t be able to.
Cyber Insurance with Just Quote Me
Just Quote Me operates a lot of its business online so we know just how important cyber insurance is. Even single-person businesses shouldn’t think they are immune to cyber-crime. Our experienced insurance experts will work with you to find suitable quotes. You can then explore your options and find the right level of cover for your business.
Please get in touch with us today to discuss your business needs and to go over your cyber insurance quote options
by jqm | Nov 23, 2017 | Cyber Liability Insurance
Cyber risk insurance is not something only large, well-known companies must consider. Any business could be the victim of a cyber-attack at any time. Whether it’s an attempt to access your data or bring your website down, a cyber-attack can significantly damage your business. Cyber risk insurance protects against both first party and third party cyber-attacks and breaches.
Most modern businesses rely upon technology and data. Most companies now store their own data and that of their customers on online servers, the cloud or elsewhere online. If any of the technology running your business is compromised, it can result in financial and reputational loss.
The Very Real Risks of a Cyber-Attack
A cyber-attack can truly devastate a business. Your company faces a range of real first party risks including:
- Loss and damage to your digital assets in the form of software and data
- Business interruption and additional expenses from service interruption and/or network failure
- Reputational damage
- Costs through cyber extortions such as a ransomware attack
There are also further cyber risks which effect third parties connected to your business including:
- Privacy breaches which effect third party, public member or employee confidentiality rights
- Privacy regulation defence costs and fines due to the above
- Customer care and support costs
- Customer care and reputational management costs
Cyber Risk Insurance with Just Quote Me
Just Quote Me recognises the need of each business to protect its assets, physical or digital. Not having cyber risk insurance in place immediately puts your business at higher risk than those who do. How would you financially manage if your business was the victim of a cyber-attack? If you don’t have an answer, then you need cyber risk insurance.
Our experience in working with businesses of all sizes means we can help you find a suitable cyber risk insurance policy with ease. We can provide quotes and ensure your business has a level of cover to protect both yourselves and your customers.
by jqm | Nov 16, 2017 | Cyber Liability Insurance
The business world, in almost every sector, is dominated by the internet and the data it produces. Almost all companies now store at least some of their customer and personnel data online, on the cloud or on private networks, connected to the internet. Despite this cyber liability insurance is still not as popular as it should be. If your business is subject to a cyber-attack the losses could be devastating.
Newsworthy data breaches may capture our attention for a short time but most of us move on with our business and think nothing of it. However, data breaches, hacks and cyber-attacks do not just happen to large and multinational companies. Any business of any size is at risk, and the potential costs can be extremely high. All businesses should consider cyber liability insurance as a priority to protect their company.
The Cost of Data Breach Recovery
If a cybercriminal did hack into your business, they quickly and easily access all the data you have stored. They may access private customer information, bank details and much more. Private business data is also at risk. Once you take into account how much of your business relies upon online data you may find the costs extensive and unmanageable.
Cyber liability insurance protects your business in the event of a breach, hack or cyber-attack and it may include cover for costs such as:
Business Interruption
Your entire system could go down due to a cyber-attack. You may also need to close your doors to investigate the attack. This means there will be time you can’t work. This in turn can result in loss of profit and other business costs. Cyber liability insurance should provide financial compensation for this.
Data Recovery
Once the attack is over, you need to recover your data. This too can be costly as you require expert technical support.
Support and Credit Monitoring for Customers
If a data breach effects your customers, then you have a duty to support them. You may want to offer them credit monitoring services (which come at a cost) and some cyber liability insurance policies offer cover for this eventuality.
Cyber Liability Insurance is Key to your Business Security Strategy
Every modern business needs a security strategy and this should include cyber security. Whether you’re a one-man-band or run a large company a cyber-attack can be devastating. If you store any data online or utilise the internet as a core part of your business, cyber liability insurance shouldn’t be considered optional.
Cyber Liability Insurance Quotes from Just Quote Me
Our experience in Cyber Liability Insurance allows us to help you find the right level of cover for your business. We can source a range of quotes to ensure you have options to choose from.
You can get a FREE no obligationCyber Liability Insurance quote today on 0800 084 2325 or fill out our Quick Quote Form.
