If you’re considering getting business insurance in Wolverhampton or anywhere else in the UK, you probably start off by thinking about things that could damage your physical property and assets, and don’t necessarily think about cyber crime…
But cyber crime against a small business can be incredibly damaging, and the recovery costs can mount up, especially when you include specialised repairs and legal fees.
“Cyber liability exposures represent an emerging threat to business today,” says Bryan Smith, Vice President of Product Management at The Hartford. “Threat actors continue to develop in increasingly sophisticated ways to access business systems and networks leading to the potential loss or destruction of confidential business and customer information.”
There are three main types of potential cyber attacks, and a cyber attack on your business could mean:
- Breaches of data confidentiality—where critical information is stolen, such as personal financial information.
- Computer attacks—where your computer system is hacked and compromised.
- Cyber extortion—thieves may demand random payments during an extortion threat to your company’s computer system.
It’s why you need cyber insurance, to protect your business from the cost of threats to computer systems and data.
“Cyber liability insurance can provide coverage for costs and expenses related to a number of cyber threat scenarios,” says Smith, “including, for example, suspected network intrusions and cyber extortion threats, data breach, network or security wrongful acts, denial of service and network outage situations.”
Anyone who has a business that stores or processes sensitive information should consider protecting their business with cyber liability insurance.
If you’re looking for cyber insurance or any other type of business insurance Wolverhampton, get in touch with us today.