Stop Scratching Your Head Over Cyber-Insurance: Common Myths Debunked
In the wake of digitisation across the workplace and hefty consequences for cyber-mistakes under the General Data Protection Regulation (GDPR), it may seem like common sense to bolster your organisation with proper cyber-security measures, such as cyber-insurance. Yet, recent government research revealed that less than 10 per cent of businesses possess a specific cyber-security insurance policy.
Don’t be fooled by the myths surrounding cyber-insurance—separate fact from fiction and find out why you need this type of cover.
- Risk is a reality—Often, organisations justify their lack of cyber-insurance with the belief that their specific business isn’t at risk for a breach. However, no organisation is immune to the threat of a cyber-attack. In fact, 43 per cent of businesses suffered a cyber-security breach last year, according to a recent survey from the Department for Digital, Culture, Media & Sport. If your company stores data of any kind, disaster can happen. Whether your organisation is a large firm or SME, equip yourself with cover.
- IT can’t fix everything—Although having a knowledgeable IT department is certainly a smart move in terms of strengthened cyber-security, do not make the mistake of assuming IT employees are a replacement for proper cyber-insurance. After all, research shows the most common factor in UK cyber-breaches is human error. If your company relies on cloud computing or allows employees to use their personal devices for work, you are exposed to risks beyond the IT department’s reach.
- Cover is worth the cost—More than anything, organisations may debate whether cyber-insurance is worth the cost. In reality, cyber-insurance provides solutions for a variety of cyber-risks, such as network security liability, business interruption, physical asset damage and reputational damage. And—above all—having peace of mind about your cyber-security is certainly better than the dangerous alternative: a constant fear of digital disaster.
For more information about the benefits of cyber-insurance and finding the best policy for your organisation, contact LI Insurance Services today on 0161 233 4498.