Help on Hand For Victims of Cyber Crime or Human Error

Digital connections are becoming the lifeblood of most of industry and commerce. But a simple slip up or a malicious hacker could cost commercial enterprises thousands of pounds.

Measuring the cost of human error is impossible, as companies sweep a lot “under the carpet”. Estimates of the financial impact of cybercrime vary, but a 2011 Government report in the UK put the overall cost to the economy at £27bn a year.

And the cost has risen since then as companies rely even more on digital data storage, mobile devices and social networking.

Yet industry insiders believe less than a third of UK businesses are protecting themselves against one of the most devastating problems they can face….loss of data.

Which is why Sagar Insurances is about to launch Cyber Insurance. This will provide cover specifically tailored to its clients in the North West.

When criminals or negligent staff leak, steal or “misplace”  data, the loss of reputation, cash and time it takes to re-build information systems and  impact of business disruption can add up to a huge bill.

The 2013 Information Security Breaches Survey reported that for smaller businesses, the cost of business disruption is, on average, eight times higher than any other resulting cost.

2013 INFORMATION SECURITY BREACHES SURVEY

In some cases, firms face hefty fines or even civil litigation if sensitive personal data finds its way in to the public domain.

Yet thousands of small firms are still leaving themselves badly exposed to data loss.

They are being urged to take advantage of Government funded projects and the growing army of specialist companies to create stronger security systems and develop Contingency Plans.

If the worst does happen, Cyber Insurance can mitigate the costs of theft, loss or destruction of data. General liability insurance doesn’t always cover data loss, and for many firms tailored Cyber Insurance can be a vital lifeline.

In future articles on its website and within its regular newsletter, Sagar Insurances will provide more information on how its Cyber Insurance will be structured and delivered. Meanwhile,  get in touch for  one-to-one advice on how it can help you.