Cyber Liability

UK small business underestimate the impact of cyber attack according to the findings of the Small Business Reputation and Cyber Risk Report, launched in February 2016 by the Government’s Cyber Streetwise campaign and KPMG.

83% of consumers surveyed expressed concern about which businesses have access to their data and whether it is safe, and over half said that a cyber breach would discourage them from using a business in the future. One in four of those companies surveyed who had experienced a breach had been unable to grow in line with previous expectations and nearly a third said it took over six months to get back on track.

In addition, most UK SMEs will also be subject to the new EU General Data Protection Regulation, which, despite the Brexit vote, comes in to force in early 2018, after which time any firm failing to comply with the new regulations will be subject to a fine of up to £15.4m or 4% of turnover, whichever is greater.

With these facts and figures in mind and many traditional insurance policies now not responding to losses involving IT, cyber insurance will soon be at the same level of importance as motor or employers’ liability insurance for most SMEs, and is an essential consideration.

By utilising the latest information security findings and assessing your company’s exposure to cyber attack, we can tailor cyber liability cover to meet your specific requirements, providing wide-reaching protection and giving you peace of mind in a highly uncertain, volatile world.

As required, your policy can include cyber terrorism, cyber extortion, loss of revenue following unplanned system outage, multimedia liability, intellectual property infringement, libel and slander, forensic costs to contain a breach, expenses to notify victims, third party and employee privacy liability for damages and claims, and public relations expenses to limit reputation impact following a breach.

Traditional insurance policies may not respond to losses involving IT. Please talk to us about a Cyber Liability package.

Speak to a specialist
Russell Thynne Cert II

Director
Tel: 01865 208005
Email

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To arrange cover or a quotation, file a claim or advise us of changed circumstances, contact us today for a fast response.


"We’ve been a client of Jo’s at Mathews Comfort for a number of years now.  Within our specialised industry of software and web application development we feel assured Mathews Comfort have all our complex insurance considerations covered at a competitive price.  We appreciated the courtesy, efficiency and level of service provided. Always a pleasure, never a chore."

Sam Lewis, Office Manager, Biff Bang Power