Insuring against cyber crime damage

While you can certainly reduce your chances of falling victim to cyber crime by following the advice contained within this feature, no system is entirely secure.

Even with the best IT infrastructure, things can still go wrong, especially as much damage can be traced back to human error: believing a hoax phone call, reacting to a scam email, downloading a malicious file and so on.

The damage that can be done can range from losing your data, which in itself is incredibly valuable, to direct financial loss through theft. 

Some criminals will hold your data, systems or even your ecommerce operation to ransom, only unlocking it when you pay their fee. Others will use social engineering to trick you into paying a false invoice, a common trick we see quite often.

After the initial crime, you may also be subject to a damaged reputation, claims arising from defamation or infringement of intellectual property rights, and even regulatory fines. 

The good news is you can reduce the risk of any of this happening to you by becoming Cyber Resilient. Through our unique risk resilience assessment we can provide physical and insurance solutions to suit your business.

90% of the organisations we meet have insufficient cover to protect against cyber risks.

Ninety per cent of the organisations we meet don’t have any insurance, or have insufficient cover in place to protect against cyber risks. 

While we will always recommend seeking the advice of IT experts such as BCN for your physical infrastructure, it is just as important to ensure that you are covered for all eventualities in case you are one of the unlucky organisations to become a cyber crime victim.

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