Munro Greenhalgh Insurance Brokers understand the importance of Cyber Security for your Business
8th July 2021
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As businesses become ever more reliant on technology and hold more and more data, the risks from suffering a loss related to problems with their computer systems or from holding sensitive customer data continue to grow. This can lead to costs from handling a data breach, lost revenue, a damaged reputation, and legal and regulatory costs, not to mention the associated business disruption.

 

You will have undoubtedly seen and heard about the spate of recent cyber-attacks and the impact it’s had on thousands of people. Such cyber-attacks are becoming more frequent and as demonstrated recently, more sophisticated. What’s even more worrying is that many of us are exposed to such attacks.

Ask yourself, should something like this happen to you, would you do?

Cyber Insurance is a part of the solution.

This type of cover isn’t standard. It is based on your circumstances, need and requirements.

What Are the Risks?

Risks of cyber-crime include but are not limited to: -

  • Risks to money and assets
  • Breaches of confidential information
  • Structure and financial instability
  • Business continuity
  • Bogus firms
  • Reputational damage

Policy Cover:

The typical cover available and provided by a Cyber Insurance policy can include: -

  • 24/7 Incident response
  • Data Security Breach and Data Recovery Expenses
  • Loss of Revenue and Additional Expenses
  • Extortion
  • External Cyber Crime (optional)
  • Telecommunications – Unauthorised use (Optional)
  • Reputational Management Expenses
  • Data Privacy & Confidentiality
  • Payment Card Liability

Most Insurers also provide free risk management advice to help you manage the risks.

Do you need it?

If you do not have cyber insurance, you may face a greater risk of attack leading to potential loss of revenue & assets, reputational damage, business continuity, data security breaches and much more. This can ultimately lead to your inability to trade, regulatory investigations, third party claims and many more additional costs, not covered by your standard combined business insurance.

We live in an age where cyber-attack methods are becoming more sophisticated and targeted. Can you really afford to take the risk?

Ease of Service

For most of Munro Greenhalgh clients, they can arrange a quote based on your circumstances with just one phone call. They may also be able to set the policy up there and then. Whilst Munro Greenhalgh will provide you with a very competitive price, they will foremost ensure that you have the right cover in place to help protect you should the worst happen.

Risk Management.

As with any type of risk it is essential that you reduce the risk in the first place rather than have the inconvenience of dealing with the fall out from a loss. For other types of risks such as theft we have all got used to locks on doors and windows, using intruder alarms etc - which are often a requirement of insurance policies. The same logic applies to cyber but knowing and keeping up with the rapidly changing risks is an education for us all!

 

To assist you and your staff to understand the risks: -

 

  1. Cyber Aware is the government’s advice on how to stay secure online – see here. This provides free practical help and advice.
  2. Top Tips for Staff. Part of Cyber Aware is a free 30-minute online training session for staff helping them to avoid potential harm to your business. – see here.
  3. Cyber Essentials Certification is a simple but effective, government backed scheme that will help you to protect your organisation, whatever its size, against a whole range of common cyber attacks. It reassures your customers that you're working to secure your IT against cyber attack – you may find that some larger businesses may require this especially if you work with government departments. – see here.

What to do next

If you would like to learn more about this policy, Munro Greenhalgh are more than happy to go through the details with you. You can contact them on 01614513168.

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About the Author

Debi F

Member since: 10th July 2012

Need a trusted local supplier of goods or services? Look no further! I'm Debi Fellone and I've run thebestofbury since 2006. I spend my time championing Bury's best businesses on this website, and offline...

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