“Firms need to be more aware of cyber crime” - says digital insurance broker

A leading insurance broker has urged UK firms to be more aware of cyber crime. Get Indemnity, a digital insurance broker, which specialises in professional indemnity, has noticed a surge in companies reporting cyber attacks again in recent years - and is now encouraging firms to get the right cover for online attacks. 

“A cyber attack can be anything from data leaks, to site hacking or stolen customer information,” explains Simon Taylor of Get Indemnity.

“Your company can be turned upside down if a scam, phishing attack or hacking goes through your business systems - and it can be very expensive for companies to overcome.”

The Centre for Economics and Business Research (CEBR), estimates that cyber attacks are costing UK firms around £34 billion per year. The costs include a loss of business, legal action from clients, business interruption and even the PR to repair your brand image.

“The issue is that cyber insurance is still considered relatively new and not many companies will ask for it or know how much cover they need. For starters, we offer cyber insurance from £323 per year or £26.91 per month.”

“The threats are very high. Businesses are becoming more online-driven so any data records that you previously had filed somewhere are now online and can be potentially accessed by anyone.” 

“In addition, with covid-19, more people are working from home and their laptops may not have the same kind of security or protection that you would expect in an office. So key business information can be very exposed and even sitting on the kitchen table somewhere.”

“Anyone from being self-employed, SMEs and large organisations should take extra steps to avoid possible cyber attacks. This may involve training at the ground level, or adding extra protection in terms of cloud security, encryption of documents or getting staff to use VPNs when working remotely.”

“But one thing is for sure, cyber attacks will not be going away, so it is better to be prepared and get covered as early as possible.”