Mitigating cyber risks
Not all cyber risks relate to system failures. The loss of personally identifiable data, the publication online of images and content that infringes intellectual property rights or disparaging words on a website or in an email can result in legal action against the organisation resulting in litigation costs and the potential settlement payments.
Network security, infrastructure and procedures are not sufficient on their own. This is where financial protection insurance policies can assist businesses to recoup some of those costs.
As businesses become ever more reliant on technology, the risks from suffering a loss related to problems with their computer systems, or holding sensitive customer data, continue to grow. This can lead to lost revenue, a damaged reputation, and legal and regulatory costs, not to mention the associated business disruption.
According to a report by the UK government, 60% of small businesses suffered a data breach in the last year.