Keeping data secure matters – your own information and anything that your clients trust you with. If a hacker targets your business, there’s an IT failure or you (or someone in your business) accidentally shares something they’re not supposed to, it takes time and money to fix. Putting a cyber and data risks insurance policy in place means you’re protected.
It’s also known as cyber liability insurance, or data protection insurance. It’s there to make sure your business is protected against cyber crime – things like fraud, data theft and social engineering, where criminals attempt to fool you into parting with money, information or both. It also covers data breaches where sensitive information is accidentally shared
Cyber crime is on the rise, more than three out of five firms reported a cyber attack in the last 12 months and it can lead to lost revenue, a damaged reputation and even fines. Anyone who uses computers or the internet at work, holds data about customers, suppliers or employees, carries out online transactions, or just uses social media, should think about security.
Insuring against cyber crime and data risks means you’re protected against new and existing threats, but also helps with the practicalities of getting experts to restore systems, recreate data and deal with any demands being made where data is stolen. Weston Financial partners with a specialist Cyber Insurance provider whose policy for SMEs is the only one to score 100% in The Insurance Times Cyber Product Report 2018.
Losing data or accidentally sharing it can cause real headaches for you and your clients. There are lots of stories about people leaving memory sticks lying around, but there are much simpler ways to lose data that do just as much damage. Cyber insurance helps you cover your costs and get back to business.
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