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The very real threat of cyber risk – Get ahead of the game

What is a Cyber Risk? Technology is advancing at such an alarming rate and business is more and more reliant on IT systems. The increasing dependence on websites, the internet, social media and physical technology mean that we are exposed to threats that we are sometimes not even aware of.

One of our insurers, Aviva have produced the video below about their product, but as independent insurance brokers we can source a wide range of products designed for all budgets and needs:

 

Managing a data breach and often not knowing how to respond effectively when such an event occurs makes the final cost much higher. For all businesses, absorbing such financial hits can be difficult and they can struggle to recover. The key is to have the plans in place beforehand.

The average cost of an information security incident is currently £60,000 with a reported £27 billion of cyber-crime to the UK compared to £6.6 billion from fire risks.

We’ve witnessed a spate of extremely high profile cyber security breaches in recent years. What was first viewed as a spike in activity is slowly being recognised as becoming part of the norm. The forecast for 2015 is just as cloudy as 2013 and 2014, with no let-up on attacks to steal valuable information, such as client databases, pricing lists or even details of a new tender.

These attacks underline how important it is for companies of all sectors and sizes to take their cyber security far more seriously. Cyber covers, embedded with , offers your clients a simple way of addressing the cyber threats businesses face more and more each day.

Encouraging companies in all sectors to make investments in improved cyber security, based on improved risk assessments, is likely to considerably reduce the economic impact of cyber crime on the UK.

GET AHEAD

EU legislation coming in 2016 will expect businesses to take greater responsibility for the safety of their data. Businesses will be required to do more to protect themselves and customers by demonstrating they have good cyber security.

Cyber criminals can go after and make use of:

valuable customer databases

confidential customer information such as bank details

employment information such as national insurance numbers

social media accounts

intellectual property such as product designs

digital and cloud-stored assets.
We can help you implement simple security measures which will reduce the risk of a cyber attack. If something does go wrong, we’re here to help you deal the consequences. call us on 0845 216 3000 or speak to your adviser. click here for more info

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