Cyber Insurance & Risk Management

In the material world you may have fire extinguishers and intruder alarms. You need to consider the electronic equivalent in the Cyber World.
Cyber security and the protection of information can be a challenge for companies of all sizes. It is important to note that hackers are not the only threat. Modern businesses rely heavily if not totally on their computers and a computer does not have to be online to be open to abuse. Having so said, any system on the internet for services such as online marketing, sales, administrative functions, account management, credit card processing, etc. is particularly vulnerable.
Any intrusion that disrupts any of your business activities can, in addition to loss of turnover, lead to brand and reputation damage, issues with regulation, shareholder/director dissatisfaction, and ultimately financial loss.

All Businesses are faced with an increasing number of cyber threats including some of the following:

Data Breach

Support in the event of a data breach (electronic or otherwise) including forensic investigations, legal advice, notifying customers or regulators, and offering support to affected customers.

Business Interruption/Ransomware

Compensation for loss of income if a hacker targets systems and prevents business from generating revenue.

Hacker Damage

Protection if a hacker tries to hold a business to ransom in response to avoiding an unauthorised access to, use of or denial of service attack against systems or documents.

Data Extortion

Protection if a hacker tries to hold a business to ransom in response to avoiding an unauthorised access to, use of or denial of service attack against systems or documents.

Notification Costs

Cover for costs to draft, send and administer notification communications to those whose data has been stolen, misplaced or compromised.

Intellectual Property

Protection for mistakenly infringing someone’s copyright, by using a picture online for example.

Defamation

Inadvertent libel or slander of a third-party in an email or other electronic communication.

Privacy Protection

Costs to defend and settle claims made for failure to keep customers’ personal data secure. Costs associated with regulatory investigations and settle civil penalties levied by regulators where allowed.

Gambryce – Cyber Risk Management

Cyber risk management should be anyone’s first consideration when reviewing their cyber risk. We recommend Gambryce for your cyber security management. They are able to offer:

• Training – Educating screen facing users to avoid potential cyber risks
• Reporting – Reports to improve your website security and a database breach reporting service
• Assistance – Providing assistance to you and your employees to reduce risk
• Protection – Email encryption service

See their website gambryce.io for more details

BGi.uk would like to thank the West Midlands Constabulary who are taking a proactive approach to Cyber crime.