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Cyber – how safe are you?

We’ve understandably seen renewed interest in cyber insurance since news the recent NHS ransomware attack.

According to a recent report, the UK cyber insurance market has become increasingly buyer-friendly, with increased capacity as insurers compete for a share of the market. This change is also partly due to increased cyber risk management as businesses reduce their cyber risk with effective strategies, data-driven controls and improved training of their users – still one of the most challenging areas for businesses.

Cyber threats remain as significant as ever, with many organisations experiencing large ransomware and privacy losses. A UK Government survey published in April 2024 indicated that half of all businesses and 84% of large businesses reported some form of cybersecurity breach or attack in the past 12 months.

Major retailers and fast-food chains across the UK experienced IT issues during March and whilst there was no evidence of cyber attacks, the disruptions highlighted the heavy reliance on technology in today’s business operations – whatever sector you operate in.

It’s not just public sector organisations, global enterprises or large organisations that are targeted – cyber security is a very real threat for SMEs, – and only a tiny percentage have cyber insurance in place, or the skills to deal with a cyber attack.

Many SME’s will look at their business and see the tangible risks such as fire, flood or theft, and may have made claims for these incidents in the past. Thankfully, most have never experienced a cyber attack and are unaware of the devastating impact this can have on a small business.

We have supported clients the sharp end of a cyber claim so we understand the impact this has on a business and the true value of cyber insurance – not only to compensate financially, but the incredible level of incident response they receive to deal with the attack, restore systems and mitigate against future threat.

If you don’t currently have a cyber policy in place and would like to understand the risks to your business, and the cover available to you, just get in touch with Charlotte Perkins.