The Insurance Act 2016, new sentencing guidelines for Health & Safety Offence, and Motor and Liability fraud are just a few of the issues business owners are faced with in 2016.
By Simon Whittaker, senior account executive, Sagar Insurances
However, as this is not seen as a tangible risk such as property damage or vehicle damage it is very often overlooked.
Nothing could be further from the truth. Consider the following:
- Cyber-related losses are now considered the largest recorded offence in the UK, overtaking physical crime. Data is now more valuable to criminals than physical assets.
- Cyber losses cost the UK economy £27bn per year.
- The average cost of a cyber breach for a small business is between £75,000 and £310,000.
- What data do you hold?
- Are you aware what the full cost of a breach may be and do you have access to experts that could assist?
- Reputational risk: news of a leak spreads fast, especially in the age of social media
- How would your business continue trading without your IT systems?
- Are you aware of what your existing insurance covers and what the potential overlaps are?
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