WHAT IS CYBER INSURANCE?
Regardless of your trade or sector, businesses rely heavily on electronic systems to undertake their day to day operations. From the storage of data and customer records to digital correspondence via email, along with undertaking financial transactions and payments digitally and potentially marketing and communication on social media. There are risks associated with all of these activities, the majority of which are not covered by a traditional business insurance policy. However, at McGrady Insurance we can now offer specialist products to protect your business against these modern risks.
CYBER LIABILITY | Cyber Insurance
The Data Protection Act is the main piece of legislation that governs the protection of data in the UK. Any business that stores ‘personal data’, meaning data that can identify an individual, is subject to the Act. Personal data can be as simple as a name, address or date of birth. Consider the implications for your business? Even if your customer records only contain basic information, or if you have compiled a marketing list with names and email addresses, you have certain duties under the Act.
How would you be affected?
Your server is ‘hacked’ by persons unknown, resulting in unauthorised access to personal data.
What would be the real cost to your business?
MULTIMEDIA LIABILITY | Cyber Insurance
Communication is instant in today’s industry. An email has been sent often before we have time to proof read. Social Media updates travel the web before we have time to consider the content in full. We’ve all heard those stories that have hit the headlines. However the same principals apply to today’s industry. A throw away comment in an email forms part of a larger chain of communication, resulting in an allegation of libel from a competitor.
Compromised Retailers can be held responsible for investigation & fraud under merchant service agreements. Breach results in loss of commercially sensitive information or non-disclosure agreement breach.
How would suppliers or trade associates react?
Are you protected from claims when content is exchanged under your company name?
Have you thought of such risks?
CYBER CRIME | Cyber Insurance
Perhaps the biggest concern of business is those risks involving cyber-crime and theft. Financial institutions are becoming more reluctant to indemnify against such losses and will more often cite negligence on behalf of the end user, you. Such losses can often cripple a business if adequate insurance cover has not been sought in advance.
Cyber crime is the fastest growing crime in the world, yet most cyber policies don’t cater for email scams, identity theft and telephone hacking.
A PC somewhere in the world is infected every 4.5 seconds.
It’s not if, but rather when your business will face an exposure.
If you are concerned about any of the issues raised, feel free to get in contact with McGrady Insurance so we may discuss your needs.
Cover is available to protect your business!
”Cyber risks are fast becoming some of the biggest risks facing business today. The complexity and uncertainty over these exposures, coupled with the inadequacy of many Insurance policies, leaves many business owners unsure of how to comprehensively protect their business.
At McGrady Insurance, we are pleased to now offer a Comprehensive Cyber Insurance product, tailored both in terms of covers and premium to a range of business needs, including those of the small business owner. We welcome discussion with any business on these matters and will be actively seeking to educate and protect businesses from the risks they now truly face”