Published: May 25, 2017

How your insurance products interact and relate to each other in such a scenario is crucial. Your business and your reputation may depend on this one day. Such attacks will not go away:

  • How to create ransomware is being promoted on YouTube for £16 (Sunday Times, 14th May, 2017)
  • The threat is ever increasing - attacks on businesses increased three-fold between January and September of 2016 with an attack every 40 seconds, and
  • Over the same period there was an 11-fold increase in the number of ransomware modifications from 2,900 new modifications in January/March to 32,091 in July/Sept (Kaspersky Security Bulletin 2016)
  • 69% of large organisations and 38% of small organisations were attacked by an unauthorised third party (Information Security Breaches Survey, 2015)

Would your security resist an attack? If not, what would the consequences for your business be?

A ransomware attack is, however, not the only threat to be concerned about as UK data breaches are caused by:

  • Malicious or criminal attacks - 37%
  • System glitches - 28%
  • Operational error - 35% (www.scmagazineuk.com)

How confident are you in the robustness of your IT infrastructure - even with firewalls, encryption,
and antivirus software?

We can help - comprehensive insurance is available to provide:

  • Protection against Cyber Crime - including Phishing scams, telephone hacking, wire fraud and cyber
    extortion
  • Event management – the costs of: engaging legal, PR and IT forensic specialists; data and system
    restoration costs; data breach notification costs; AND CREDIT/id Monitoring services
  • Cover for your own losses – loss of profit, system business interruption costs and representation costs in connection with Regulatory actions, investigations and fines
  • Cover for the activities of web and email hosting companies, and data held in the cloud
  • Valuable risk management guidance and support from an online portal

As a business we acquire cyber insurance protection ourselves and we consider it should be an important
consideration for all companies as part of a general risk management approach.

What is the cost? Premiums start from £500 for £500,000 of cover.

The process is simple – a one page Proposal Form is all that is required to obtain a quote

Not all Cyber policies are the same. Even if you already have some form of Cyber cover we will audit the
cover you have, advise on what we think you should have and how these covers should interact with your
overall insurance program.

Cyber Insurance should not be seen as an alternative to prevention and mitigation measures but part of an
integrated approach to dealing with Cyber Risk. Making sure that it is effective when needed is critical to
ensure that you have the most effective response to a Cyber incident.

Contact your local PIB contact to ensure that you receive the right Cyber protection for your business or email cyber@pib-insurance.com

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