News Article

Cyber Insurance: Why Buying Wisely is Crucial

All too often, cyber insurance is bought because it is a requirement for a contract or because a business fears the impacts of a data breach on third parties, such as its customers. Businesses, far too infrequently, put their own business first, to consider the potential harm that a cyber-attack could cause to them, or how they would cope. In addition, too few businesses have robust cyber-crime training programmes in place.

Businesses seeking better protection against a cyber-attack should consider the other elements to cyber insurance, for instance:

• Access to IT expertise to assist with system lockouts and assets' decryption. Such experts can identify the type of attack, the software used, its origin and even who on the dark web may wish to bargain with you, to have your systems restored.
• Business interruption compensation - when an attack occurs, it often results in business interruption, immobilising operations, preventing customers from being served and crippling online sales functionality.
• Protection against theft through cyber-crime techniques such as phishing – an email which looks as though it comes from a legitimate and trusted source and which asks for sensitive information to be revealed – and whaling, where a person poses as a senior executive and requests the transfer of funds, huge losses can result

Cyber criminals are expert at manipulating untrained and naïve staff, encouraging them to do exactly what they want, such as clicking on a malware link that will enable them to penetrate systems and steal information, not questioning an email's legitimacy or believing they've spoken to the MD, when artificial intelligence (AI) has only made it appear as though they have. With the development of AI, such fabricated conversations could constitute a growing threat.

Having comprehensive cyber insurance at hand with access to Cyber Experts and support teams can make all the difference to your business surviving an attack.

Buy your cyber protection wisely.

For more information about cyber insurance protection for your business call Nigel Kennedy on 07951 120328 or email nigel@reesastley.co.uk.

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