Get Indemnity, a leading UK insurance broker, is urging firms across the nation to increase their awareness around cyber crime.
Managing Director of Get Indemnity Simon Taylor claims “A cyber attack can be anything from data breaches, to site hacking or stolen customer information.”
“Your company can be turned upside down if a scam, phishing attack or hacking goes through your business systems – and it can be very expensive for companies to overcome.”
“Anyone from being self-employed, SMEs and large organisations should take extra steps to avoid possible cyber attacks. This may involve training at the ground level, or adding extra protection in terms of cloud security, encryption of documents or getting staff to use VPNs when working remotely.”
“But one thing is for sure, cyber attacks will not be going away, so it is better to be prepared and get covered as early as possible.”
Specialising in professional indemnity, Get Indemnity has found a surge of cyber attack reports from companies in recent years. In light of this, the digital insurance broker are now urging firms to get appropriate cover to keep them protected should an online attack occur.
£34 Billion a Year From Cyber Attacks
Cyber attacks could be costing firms across the UK around £34bn a year – according to estimations from the Centre for Economic and Business Research (CEBR), costs including:
- Legal action taken by clients.
- Loss of business.
- PR needed to repair brand image.
- Business interruption.
But why aren’t companies asking for cyber insurance in the first place? Simon Taylor claims: “The issue is that cyber insurance is still considered relatively new and not many companies will ask for it or know how much cover they need. For starters, we offer cyber insurance from £323 per year or £26.91 per month.”
With businesses operating increasingly more online, especially given the COVID-19 pandemic and its unprecedented surge in remote working, Get Indemnity highlights the importance of UK firms recognising the need for cyber security and insurance.
“The threats are very high.” Simon Taylor continues “Businesses are becoming more online-driven so any data records that you previously had filed somewhere are now online and can be potentially accessed by anyone.”
“In addition, with covid-19, more people are working from home and their laptops may not have the same kind of security or protection that you would expect in an office. So key business information can be very exposed and even sitting on the kitchen table somewhere.”