27 July 2018
Why wouldn’t you need Cyber Liability Insurance?
Cyber crime has been receiving a lot of coverage in the media, large corporations and even governments are falling victim to cyber-attacks. So why would anyone think it can’t happen to them?
We are too small to be a target
Often company CEO’s will play down their need for cyber insurance sighting that they are too small and low profile to be at threat. The media only tends to report on big data breaches carried out on large corporations, but do not let this give you a false sense of security. The truth of the matter is no one is too small to be a target. As most companies will use email, have a website and store sensitive data, a cyber criminal somewhere will be interested in their activities.
What people do not realise is just how indiscriminate it can be. There is ransomware such as Wannacry which randomly targets individuals and companies of all shapes and sizes. This ransomware infiltrates computers through the operating system and encrypts the data stored on the computer. The user can only access their files once they’ve made a ransom payment in Bitcoin cryptocurrency. If the victim doesn’t pay the ransom within a time limit, their files are destroyed. There is no such thing as being too small to be a target.
We already have strong fire walls protecting us from data breaches
Although having strong fire walls and procedures in place is a positive step, it will do little to stop human error. Fire walls will not stop a naïve colleague from clicking on a malicious link or giving up information to a company outsider.
Physical data breaches are often overlooked. Hackers do not just sit in dingy basements committing these crimes; they are clever criminals who can often talk their way into a building. Consider how many times you have allowed someone into your building and given them access to the company network. There’s also the threat from within. This could be a disgruntled employee stealing or deleting important data.
Everyone is at risk
Cyber criminals continuously get more advanced in their methods. Even with the appropriate measures in place, all organisations are at risk of falling victim to cyber crime. Centor Insurance and Risk Management can help clients select the best cyber liability insurance policy for their company to assist in mitigating the costs incurred of a cyber attack.
James Groves, Assistant Manager – Commercial Division comments:
“Cyber Liability Insurance is becoming increasingly important to companies. Without it you could leave your business exposed to huge financial loss and not to mention the loss of trust among customers.”
Fore more information, get in touch with:
020 7330 8707