In the event of a cyber-attack your cyber insurance gives you access to specialists to keep your business running and pay all the associated costs. This is the one and only thing that this kind of insurance does and does well.
Fact – 99% of insurance claims are paid. It’s one of the (if not the best) claims to settlement ratios in the insurance industry. Assuming you buy the right cyber insurance to begin with of course. FYI we recently had a claim for an invoice hack of £10,000. It was agreed by the insurers within 4 hours of it being notified.
Fact – 17% of computers in the UK are still running Windows 7. This is vulnerable because Microsoft are no longer updating it. There are 40 million lines of code in Windows 7 and all it needs is for the bad guys to find one hole in it now and you could be in trouble. This is serious. Upgrade your software and get cyber insurance is my advice.
Fact – the ICO will be significantly increasing their activities this year for 2 reasons. One, they have recruited 40% more staff and Two, they are now self-funding.
Fact – one sector particularly vulnerable is (bizarrely) the IT sector especially Managed Service Providers. Many of them are reliant on anti-virus software and firewalls forgetting that over 50% of cyber claims come from human error. There is also evidence that MSP’s are being actively targeted because they offer a conduit into their clients’ systems. Break into the gatekeeper and you have access to all of his keys… Human error is unpredictable – the only sure protection is cyber insurance.
Please don’t assume that because you’ve backed up to the cloud that everything is safe. All it needs is for someone to gain access to your account, and they can lock you out of the cloud or turn everything off or even just simply bill all of your customers with your ’new’ bank account details.
Another dangerous assumption is your IT Manager or Supplier can protect you. As I’ve already said 50%+ of cyber incidents are due to human error clicking on something that shouldn’t have been clicked or even simply viewing things that were dangerous to look at, and then there are ground zero attacks (attacks by viruses so new that your anti-virus doesn’t recognise them). We had one of our clients attacked in this manner and they lost seven years of data as a result. For the things you can’t plan for in advance you need cyber insurance.
The bad guys are very clever. Take dolphin attacks for example. This nothing to do with Flipper but has everything to do with an email being sent to you with an encrypted ultra-sonic message within it which you can’t hear but which Alexa does and duly acts upon… Technology is intrinsic to our daily lives, cyber insurance offers us protection.