Cyber Insurance
What would you do if your customers’ data was lost or stolen from you? What would be the reputation damage, let alone the cost to your business? If your systems went down could your business:
- operate without its data or access to systems?
- carry out processes manually?
- collect and make payments?
- carry out simple tasks like get in touch
- with your customers and suppliers?
Cyber crime is a very real threat to business because they hold data or personal information that is of significant financial worth within criminal networks such as:
- valuable customer databases
- confidential customer information
- such as bank details
- digital and cloud-stored assets
- social media accounts
- intellectual property such as product designs
- employment information such as NI numbers
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Not to mention criminals holding businesses to ransom or hackers carrying out malicious attacks for political means or purely just for the fun of it!
Many SMEs wrongly believe they are under the radar with hackers only targeted the big players but they couldn’t be more wrong.
Smaller businesses are considered easier targets for cyber criminals because of their less sophisticated security measures. They can also be seen as an easy entry point into high-value business supply chains.
The Insurance Times report that the average cost for a major security breach is between £65,000 and £115,000 and can result in businesses being out of action for 10 days – enough to shut many businesses down. For three quarters of SMEs affected by a security breach, the estimated recovery cost was up to £1,000 (for 6 per cent it was up to £5,000 and for 4 per cent it was up to £10,000). (Aviva research).
From 2018, EU regulation means firms could face fines of up to €20m or 4% of their annual turnover if a security breach results in their client data being compromised.
Cyber crime is something we take very seriously at Greenfield Insurance. We have researched the market for the best cyber insurance policy for small businesses like yours, to determine not only the provider offering the widest cover at a competitive price but also the best support packages included to get your business back on track.
If you require cyber insurance, call us today on 01489 579808 for a friendly no-obligation quotation and discussion or contact us using our webform.
In brief, the Cyber Insurance Policy covers
- Mishandling data – for example losing a laptop with data
- Transmitting a virus
- Defamation – For example unintentional libel or slander in an email
- Infringement of intellectual property – For example using a copyrighted picture without permission
- Data breach
- Cost to notify those who data has been compromised
- Cyber business interruption
- Rectification costs
- Data extortion – where hacker holds business to ransom
- Telephone phreaking – where telephone systems are hacked into make calls
- Regulatory defence and penalties
- Forensic investigations
- Legal advice
- Security management service
- Crisis management services
- We will fully explain the policy cover to you.
- We will provide you with an ‘easy reference’ schedule.
- You will have a dedicated account manager for the life of your personal insurance policy.
What happens in the event of a claim?
Our role is to ensure that any claim made is settled with the minimum of delay, this is demonstrated by our proven claims management procedures and dedicated claims system backed up by experienced members of staff.
ETHICAL. THOUGHTFUL. EXPERIENCED.
Greenfield would rather advise you correctly and not win your business,
to make sure you don’t suffer in the long term.
Established & Specialist Independent Insurance Services tailored for individual business needs, private clients and high value requirements.
Greenfield has provided trusted technical advice from a dedicated UK-based team since 1989.
Working to a stringent customer charter and continuously trained to professional industry standards.
A modern threat, Cybercrime is on the increase, as is our scope for protecting Greenfield clients. Dealing with sensitive personal data presents hazardous vulnerabilities for all of us and innovative insurance solutions are crucial.
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For a non-biased independent view, call 01489 579808
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