The recent global attack on organisations and governments in 150 countries illustrated the vulnerability of technology systems. While we might hear about it often in the press, cyber crime is a relatively new phenomenon and few companies are prepared to deal with the potentially catastrophic aftermath.
Microsoft issued a statement on this most recent attack, which began unfolding on Friday 12th May, stating that it should be treated as a “wake-up call” and blamed governments for storing data on software vulnerabilities, which could then be accessed by hackers. The UK’s national healthcare system, the NHS, was a victim, resulting in the cancellation of operations, appointments and in some hospital trusts employees were completely unable to access data on their computers.
As cyber criminals become more sophisticated, it becomes more difficult for companies and individuals to protect themselves, which calls on the need for tailored cyber insurance. Cyber crime has no cover under traditional insurance policies, yet could have a devastating effect on your company’s bottom line and future reputation. In Spain alone, 32 per cent of companies suffered a cyber attack in 2016.
The costs associated with cyber attacks vary enormously from case to case and you could be faced with some of the following costs;
- Breach costs
- Crisis containment
- Cyber business interruption
- Cyber extortion
- Hacker damage
- Privacy protection
Companies like yours are increasingly turning to cyber risk insurance to protect themselves financially in the event of an incident. These policies can be tailored to suit your specific field of commerce and represent excellent value for money. In the event of an attack or if you fall victim to an online hack they can prove to be an invaluable investment. Cover not only provides protection for first and third party losses but also the critical and urgent assistance which is required in the first 24-48 hour period following an attack.