Cyber Essentials: Staying Secure - New Insurance Survey Launched

Cybercrime has risen exponentially and globally, with the rate rising during the pandemic and following the invasion of Ukraine.

As such, cyber security and protecting your business from cyber incidents is a hot topic that will continue to generate heat.

Businesses need to be alert to the ever-present threat of cyber-attacks in all guises.

Having appropriate security measures to guard against attack is your business's first line of defence.

However, what happens if an attacker breaks through? What damage and disruption could your business face?

As a business, you need to consider how you would work through an attack and how you can mitigate your losses and any resulting downtime from an attack.

The risks businesses face from a cyber-attack can be compounded by the fact that many, particularly many small to medium enterprises, can obtain insurance and know the most appropriate policy to put in place a minefield.

It's important to remember that it's not uncommon for many service contracts to require businesses to have cyber insurance in place and accept responsibility for certain losses that may arise if there is a breach of contract,.

Therefore ensuring you have the right insurance in place is vital but no guarantee that all losses, damage and disruption your business suffers a result of an attack will be covered.

Another tool businesses can use to guard against such issues and mitigate the losses they suffer is to have detailed and appropriate limitation of liability provisions within their terms and conditions or service contracts.