Cyber Crime is on the rise and encompasses all manner of incidents from theft of data through to denial of service attacks and even loss of money through socially engineered means. All these incidents can be very serious to a business, however which should you be most worried about and can one policy provide cover for everything?
The three main areas of risk you need to consider are cyber, data and crime. Each company is different and so certain threats can be more serious to one business than to another.
1. If you are a business that is wholly dependant on your systems to work or sell goods through your website, then any interruption due to a cyber-attack or crypto blocking virus (one that locks you out of your system) could be very serious as you would be unable to trade and so may see a loss in profits.
2. If you are a business that has a lot of data, then a breach (be it maliciously or innocently) can cause you to face financial penalties or see a loss in reputation. This again could ultimately lead to a loss in profits.
3. If you are a business that sends large payments on a regular basis then being caught out by a phishing email or a fake president scam (being tricked into innocently sending money to a criminal) could be disastrous and could lead to a large financial loss.
The good news is all three of these risks can be covered by insurance but only the first two would be picked up under a cyber and data policy. The third risk would be covered via a crime policy. Just because a crime is committed via cyber means does not mean that it would automatically be picked up under a cyber and data policy.
By Peter Ryder ACII – Account Executive