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
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.