Almost every company relies on computer systems for online sales, stock control, office applications, email or some other aspect of managing their business. A failure of these systems can have a catastrophic effect on their bottom line and reputation.

Recovering from cyber damage

Time spent sourcing replacements can result in a total loss of online sales. Similarly the failure of retailers’ systems can not only mean immediate lost sales but longer term reputational damage. Reinstating systems, audits, data recovery and the increased cost of working add pressure for an organisation in already turbulent times.

Many hotels use computerised systems for bookings, managing availability and showing when a room is vacated, cleaned or ready for occupancy. Their restaurants use electronic ordering and billing facilities which link to a room ready for production of bills when guests check out. The failure of internal systems can create havoc, lost revenues and extra expense to rectify the problem. Many companies also hold personal information of their clients and disclosure of this through hacking or lost laptops may breach data protection law, resulting in potential legal action against the company.

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.

Is your business at risk?

If you hold sensitive customer details such as names and addresses or banking information, are reliant on computer systems to conduct your business, or simply have a website then your business could be vulnerable to a data breach or loss of vital business services.

Stirling can provide cyber liability protection for your business. Please contact us today to find out more.

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