With so many aspects of our personal and professional lives being connected by the web, most businesses will manage their customer information digitally, bank electronically, have automated re-ordering as well as storing commercially sensitive details around products, patents, finance and staffing. Anything that exposes or compromises such information represents a risk to a business. These risks are not limited to active criminal behaviour by hackers but can also simply be down to something like the wrong document being emailed outside of the business.
The immediate issues that can result are business interruption, corporate liabilities under GDPR regulations and reputational damage. Recent research has tried to put a direct figure on this and found that cyber breaches cost the average small business £27,500 in basic ‘clear-up’ costs every year. Those costs are incurred on things like paying ransoms, compensating customers, replacing hardware and updating security software. An IBM study of larger global businesses put the average cost of a data breach at around $3m.
Cyber cover is a relatively new product and we’ve spent a long time interpreting & comparing products to ensure we offer our clients the right cover at the right price.
Our subscription to the analysis tool Cyber Decider underlines our commitment to continue this important work and it has helped our understanding, reinforced our support over other providers and helped identify products to meet our clients’ individual needs.
We’d love to discuss your business’ needs in this area- click below to get the ball rolling.