Many Yorkshire businesses are concerned about how cyber crime could affect them.
The quarterly “Business Barometer” report by Close Brothers Finance, surveyed SME businesses throughout Yorkshire and Humberside. It found that cyber crime is not only a big fear, but also a reality for a significant number of businesses:
- Over 64% of owners said they were “very concerned” at how cyber crime could affect them
- Over 25% have suffered a security breach already
- Over 25% admit having done nothing about the threat yet, despite acknowledging that it is a concern
- Cyber crime includes data corruption, hacking and virus infections. As reliance on technology by businesses grows, so does the potential downside if the technology should fail or be corrupted. The Close Brothers report cited figures from the Department for Business, Innovation and Skills, estimating that cyber attacks typically cost between £35,000 and £65,000
- Cyber Liability Insurance can help your business recover from a cyber attack, by covering the following:
- Losses incurred as a result of a data breach
- Costs as a result of you unintentionally transmitting a virus
- Unauthorised collection or misuse of customer data
- All of the above would typically be excluded by a standard public liability policy, but this specialist policy ensures that you are covered against cyber crime.