Cyber Insurance

Because no one can protect you 100%!!


Cyber-attacks against business are increasing, SME’s believe they are not at as much risk as their larger cousins, however, according to Symantec over 30 per cent of phishing attacks in 2015 were launched against smaller SME’s and 50 per cent of all cyber attacks are targeted at SME's (Lindros, 2019). Perhaps the most important aspect of Cyber insurance for an SME is the incident response component. Larger organisations have internal resources and generally, clear plans for responding to a cyber breach and returning to a ‘business as usual’ state as soon as possible. SME’s do not have this luxury and hence must rely on their cyber insurance policy to provide this critical service. Most SME’s do not have cyber insurance, in fact, only about 15% have it (Sloan, 2019). This suggests that most SME’s are not prepared for breach response and are still exposed to the high cost of cyber incidents. It could mean the difference between staying and in business or becoming a statistic.
86%

of consumers will no longer support businesses who lose credit/debit card information in a data breach

only15%

of businesses have cyber insurance, that means up to 85% are exposed to great risk

Cyber Insurance

There is no 100% defence against cyber-attack

It is clear there is no 100% defence against cyber-attack. As part of a holistic business cyber mitigation strategy, a bespoke cyber insurance policy will help to offset the high costs of providing incident response services and associated costs relating to a cyber breach event. Our Cyber insurance is specifically tailored and available to protect small businesses with essential coverage against cyber threats and data breaches. CyberCare provides sophisticated yet affordable coverage to minimise the impact to your business and protect its reputation. The CyberCare approach considers the following;

  • Incident response.
  • Access to security experts.
  • Investigation and recovery framework.
  • Crisis management.
  • Breach identification and containment.
  • For more information