Business Insurance costs
Insurance costs for a business can be a minefield.
Most small businesses need Public Liability and Professional Indemnity Insurance at the very least. If you have employees, you’ll probably need Employer’s Liability Insurance as well. Then there’s Business Motor Insurance if you or your employees drive for your business. And so it goes on…
Something you may not have considered is Cyber Insurance.
Cyber Insurance
British price-comparison website Money SuperMarket says that “most modern businesses need cyber insurance”. They go on to advise that you should seriously consider Cyber Insurance if your business:
- Relies on a computer system
- Has a website
- Uses online software
- Holds electronic data about your customers, clients, employees or anything else
Do I really need Cyber Insurance?
Virtually every organisation relies on digital services in some way, but where there is technology there is risk.
Many organisations – smaller ones in particular – believe they are unlikely to be targeted by cyber attackers, but the statistics tell a different story. The government’s Cyber Security Breaches Survey 2018 found that more than two fifths (43%) of businesses and almost one fifth (19%) of charities experienced a cyber security breach or attack in the previous 12 months.
The majority of hackers aren’t state-sponsored agencies or activists looking for high-profile targets, they’re more opportunistic, using automated attacks to exploit weaknesses they find.
How can I reduce my Cyber Insurance premiums?
Ask
your prospective cyber security insurance providers what discounts are available to lower your premiums. Many providers will offer discounts if you can prove you have proper threat prevention, data security and data protection in place to lower your risk of, and time to recover from, a breach or other cybersecurity attack.
A great way to show your insurer that you are a low-risk client is to have Cyber Essentials certification. Cyber insurance agencies look more favourably on organisations that have achieved Cyber Essentials certification, the recognised, government-backed scheme for protection against online threats.
To find out more about how to gain Cyber Essentials certification, give us a call, or have a look at our quick online questionnaire.