UK businesses are under attack – here’s why you need Cyber Liability Insurance
Below are five facts about cyber attacks on businesses in the UK that may surprise you:
- There are 10,000 cyber attacks on SME’s each week
- 50% increase in cyber attacks since 2011
- 87% of small businesses experienced a data breach in 2012
- UK cyber crime costs £27 billion per year
- The average cost of a data breach for a SME business is £65,000
Currently it is not mandatory within the UK to notify The Information Commissioners Office of any data breach but this could change with effect from January 2015.
Cyber liability insurance can provide businesses with protection against a financial loss resulting from loss of corporate or personal data. The risks for data and security breaches range from your computers being hacked, paper files or laptops being mislaid, to items being stolen.
Need more information about Cyber Liability Insurance?
BJP Insurance Brokers can provide you with cyber liability insurance cover with access to specialists as soon as you discover you have been subject to a cyber attack. This would assist in mitigating the damage that may be caused to your reputation and cover the associated costs incurred and potentially any fines imposed.