As cyber-attacks against SMEs increase across the country, most businesses do not recognise the dangers they face. A recent poll in the UK indicates that more than 80% of SMEs don’t see cyber-attacks or data loss as a significant risk to their business (1). – This is at odds with the reality of cyber-crime and data loss in the UK and Ireland.
Visit our dedicated Cyber Insurance website Cyberinsurances.ie.
In Ireland 61% of businesses are reported to have suffered from cyber-crime in the last two years, this is up from 44% in 2016 (2). However, the financial loss from cyber-crime itself is not the only issue a business may face when it comes to their IT systems and the data they hold.
Businesses may face expensive clean-up costs after an attack and also potential compensation claims to clients under GDPR. So what can YOUR business do to protect itself?
Cyber Liability Insurance
Of course, prevention is better than cure. Having a good IT security system is very important.
But no security system is ever 100% secure. You should make sure to have cyber liability insurance in place, to act as a safety net for when the worst happens. Depending on the insurer, a cyber liability insurance policy can cover:
- INCIDENT RESPONSE COSTS: Experts to help you 24/7, 365 days of the year in the event of a cyber attack
- LEGAL AND REGULATORY COSTS: Legal advice and assistance with DPP investigations
- EXTORTION: Cover for ransom payments
- SYSTEM DAMAGE AND RECTIFICATION: Restoring your systems to the condition they were in before the attack.
If you want more information on cyber insurance, what it covers or are looking to get a quote, do not hesitate to contact a member of our team.
- Phone: 091 535 413
- Email: Cover@Burkeins.ie
- Website: www.burkeins.ie
(1) Aon SME Cyber Survey 2018 (2) PWC Irish Economic Crime Survey 2018