Many businesses in the UK do not have cyber insurance leaving them exposed to cyber-attacks.
Being aware of cyber attacks is a benefit to any business, so having cover for this type of attack is essential for any UK firm.
In a recent cyber attack, Talk Talk data was hacked resulting in 15,656 customers having their financial details compromised. It was estimated that the total cost to the company was £60m.
Cyber insurance for a large corporation or SMBs is imperative, with the recent high-profile attacks, anyone can find themselves at risk. In general, small organisations tend to be higher risk and saw an increase from both 2013 and 2014.
If you are looking into cyber insurance having the appropriate policy for your business is a must.
Some traditional insurances include elements of cyber cover, however, these may not cover all of the potential cyber threats.
Now businesses are getting savvier with their digital technology, insurance providers are adapting by offering a helpline for anyone who needs assistance as soon as possible.
Cyber insurance is about having an effective strategy to limit daily threats to any business.