In our last blog we mentioned the importance of Cyber Liability Insurance in protecting your business, in particular if your company focuses its attention in securing or processing online data and information. Insurance Age published a recent article about cybercrime, finding ways to prevent it and advising corporate insurance brokers to encourage their clients to invest in Cyber Liability Insurance, in order to help their clients.
Senior cybercrime advisor, Charlie McMurdie recently spoke at the UNA conference about preventing cyber-attacks and how corporate insurance brokers can help achieve this. It was also mentioned in the conference that crime agencies are unable to fully tackle the problem due to a lack of resources, which is why prevention is better than cure as they say, going back to corporate insurance brokers doing more to help their clients.
The scale and frequency of cybercrime appears to be escalating, which is worrying for businesses as they become vulnerable targets and victims to the attacks. There are a variety of ways to help prevent these crimes and taking out Cyber Liability Insurance is a step in the right direction, which also helps to introduce risk management as a prequel to risk transfer. Preventing data hacking is far better than having to deal with the potentially wide ranging and damaging repercussions.
It’s also worth noting that cyber criminals don’t just work on the outside, they can sometimes work on the inside from within your business and with this thought in mind, business owners should look into having a comprehensive insurance solution.
In 2014, 80% of large businesses became victim to cyber-attacks and 60% of small businesses suffered from data breech.
All corporate insurance brokers should commit to helping clients out by advising on the levels and scope of cyber liability insurance relative to their individual business needs, which ultimately will aid in the prevention further cyber-attack exposure. As this is a newly developed area of insurance, clients need to be educated on the risks involved with not having Cyber Liability Insurance, and therefore not having a structured risk management plan to prevent these occurrences and provide your clients with security and peace of mind.
Reduce your chances of becoming a victim of a cyber-attack or threat and get in touch with Watson Laurie’s corporate insurance brokers for more information today.