Cyber Risk & Liability Insurance
The ability to communicate and make transactions online has revolutionised the way that we do business, but with new opportunities come new risks. Today digital technology is built into every aspect of commercial life from keeping in touch with customers to storing information electronically and generating new business. As a result, Cyber Risk Insurance has fast become a business essential.
Recent government figures put the county’s annual online turnover at £82 billion and British businesses now earn one in every five pounds online. As society reaps the benefits of becoming increasingly connected we also become increasingly exposed to the risks of cybercrime.
Last year over 80% of large corporations and 60% of small businesses reported breaches in their cybersecurity. The financial fallout was considerable with the worst breaches costing small businesses an average of £65,000 – £115,000. For larger corporations, the damage ran into the millions and unfortunately the costs are rising year-on-year.
Cybersecurity is a growing concern for businesses, and while there are plenty of steps you can take to improve your online security, determined criminals will always be able to find a way in. Cyber Risk Insurance may not stop the worst from happening, but it will provide you with a financial safety net.