News

Despite the increasing chances of a business being hit by a cyber attack, many businesses still don’t take out cyber insurance. 

This baffles us completely.  In today's digital age, businesses of all sizes face increasing risks from cyberattacks, as hackers target everything from sensitive customer data to intellectual property. 

These attacks may cripple operations and leave companies scrambling to recover. 

A recent statistic by Aviva Insurance discovered that one in five UK businesses have been a victim of a cyber attack in the last 12 months. Which is why cyber insurance is so important! 

Taking out a cyber insurance policy for your business can help mitigate the financial damage from such attacks, and help protect a company’s reputation.  

Plus, it’s surprisingly affordable compared to the catastrophic costs of a breach. Policies start from only £50 per annum (plus tax and insurance fees) for micro and SME businesses turning over less than £100,000 a year. 

A single cyber attack can wreak havoc. Ransomware can lock a company out of its systems until a hefty payment is made, and data breaches can expose private customer information that means a company has to report the incident to the Information Commissioners Office (ICO). 

This is where cyber insurance steps in. Policies can cover expenses like forensic investigations, legal fees, customer notification and even lost revenue during downtime. Without insurance, businesses often bear the full financial brunt of an attack, potentially leading to bankruptcy. For smaller businesses, which are increasingly targeted, this safety net may mean the difference between survival and closure.
Investing in coverage not only provides financial protection but also demonstrates a commitment to cyber security, enhancing trust among customers and partners.

While proactive measures like firewalls and employee training are vital, they unfortunately aren't foolproof. Cyber insurance complements these defences, providing peace of mind that your business is prepared for the unexpected. In a world where cyber threats are constantly evolving, having coverage is not just a luxury, it’s a necessity.

To find out more about how to reduce risk and protect your business with cyber insurance, download Prizm Solutions’ cyber insurance leaflet.  

As well as cyber insurance, Prizm offers many other types of business insurance, including legal expenses insurance, intellectual property insurance and office contents insurance.  

Just contact us for more information.