The principal objectives of a Cyber Attack are to:
- Obtain data about a company or its customers
- Disrupt a company's computer systems – and therefore its business
- Extort money
Is your business susceptible to a Cyber Attack?
- Our IT department manages these risks:
Antivrus software only protects against known risks and cyber criminals are constantly developing new viruses on a daily basis
- Our data isn't valuable:
All data is valuable to a cyber criminal
- Mistakes happen:
An employee may accidently (or maliciously) click on an unsafe link or open an infected attachment
Whatever your business, if your computer system holds sensitive information about your business or personal data about your customers, you are at risk of:
- Loss of company information and intellectual property
- Loss of income due to the interruption to your business
- The costs of responding to – and recovering from – a Cyber attack
- Claims from customers for their costs and losses
The General Data Protection Regulation or GDPR came into Law in May 2018. This will lead to fines of up to 20 million Euros or 4% of group Worldwide turnover being imposed on businesses which fail in their duty to keep their customers' data secure.
Taking out a Cyber Protection Insurance with Rees Astley will provide the following cover in respect of a Cyber Attack:
- First Response Costs:
Forensic investigation costs and legal fees
- Managing the results of the attack:
PR costs
Cost of notification to customers
Data restoration costs
Ongoing monitoring of credit rating
Liability to third parties – customers, suppliers etc
Data Protection Investigation Costs and some fines e.g.,
Information Commissioners Office fines for Data Protection breaches
Payment Card Industry fines for payment card breaches
- Criminal Rewards Fund:
Payment at the insurer's discretion into a fund for rewards leading to arrest or conviction of attackers
The policy can be extended to include:
- Digital Media Liability:
Claims from third parties for losses resulting from your digital media e.g., texts, emails, social media and website
- Network Interruption:
Loss of the company's income resulting from system downtime*
- Outsource Service Provider Network Interruption:
Loss of the company's income resulting from OSP's downtime*
- Telephone Hacking
- Unauthorised call charges resulting from hacking
- Computer Crime:
- Theft of a company's funds resulting from hacking
Please contact us for advice about how we can insure against the risks of – a Cyber Attack.
