Cyber Insurance IT Compliance for Businesses
Ensure your Business IT Systems Comply with Modern Requirements
Key Points
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Is compliance an issue for you?
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The UK is the fraud capital of the world!
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Cyber crime is a billion dollar industry.
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Your cyber insurance could be worth nothing.
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It's not necessarily an IT issue. But we can help you with it
Cyber Insurance Compliance
Most IT Support companies are not structured to provide the compliance modern Cyber Insurance requires.
Cyber relates to privacy and data and everything that goes along with that.
The UK is the fraud capital of the world and criminals no longer turn up at your premises to steal your equipment - they steal through social engineering attacks and via data ransom.
Cyber Crime is a billion dollar industry and 39% of businesses reported a cyber attack during 2022.
Crimes include scams - social engineering, extortion, etc and often that isn't electronic. Or it is a combination of the two.
Insurance is there to protect you, your suppliers and customers - including against system downtime and reputational damage.
Is your insurance covering your business?
You should also note, that if ill advised, your cyber insurance could be worth nothing and considering the continuing rise in Cyber Crime - this is something which should be attended to properly.
We would be so bold to say that if you've bought a 'click to play' policy - it's probably not worth the paper it's written on in real terms of managing a cyber crime incident in your organisation.
Cyber Insurance should be bought through a broker and we can assist you with this.
The areas of attack are not necessarily IT issues!
If you come into work on Monday morning and all your systems are encrypted and unusable - what would you do? It's at this point a real cyber policy comes in with a response team with a full incident response including lawyers, etc.
An example case - Talk Talk vs. Car Phone Warehouse in 2015.
Both of these companies had significant cyber breaches. However - one handled it well and the other badly.
Talk Talk
Smallish breach of 157,000 records caused by a website breach.
Car Phone Warehouse
2.4 Million records were breached
Both hacks included financial data of customers.
But everyone remembers Talk Talk - due to nothing more than bad handling - letting the rumour mill run wild. Subscribers cancelled their subscriptions and lost £60,000,000 in share holder value.
Both companies suffered reputational damage and customer dissatisfaction as a result of the data breaches of course. According to a case study by alva4, Talk Talk’s reputation score dropped by 50% after the hack and did not recover for six months. Car Phone Warehouse’s reputation score declined by only 20% though after the hack and remained low for four months.
But no-one really knows anything ref the Car Phone Warehouse Breach!