Cyber Insurance – are you exposing your business to risk?
If the worst was to happen and your business suffers a cyberattack or data breach, will your insurance cover you?
If the worst was to happen and your business suffers a cyberattack or data breach, will your insurance cover you?
Share This Article
No-one in their right mind would ignore reminders to renew their home insurance or public liability insurance for their business. But many of us fail to take into account the consequences of cyberattack.
Specialist brokers offer insurance to mitigate the financial impact of an attack on your business, which could make the difference between your business surviving or going under.
Cyberattack
Most businesses nowadays rely on their data and IT to operate. But attacks are getting more frequent, varied and sophisticated, from phishing attacks to malware intrusions.
According to the same survey, nearly half of UK businesses reported a cyber breach or attack in 2019-20. Even the best cyber security can’t provide 100% protection.
There is a real chance that you will be targeted in an attack that could stop your business from operating for a period.
Data breach
Could any of these scenarios happen to you?
Your business has now experienced a data breach; what happens next? You could be fined up to 4% of annual turnover under GDPR, or as much as £17.5 million, whichever is greater.
There are also the non-financial costs to consider, such as reputational damage and the harm done if commercially sensitive data falls into the wrong hands.
Cyber insurance covers lost revenues, reputational damage and the impact to clients, making it easier to recover.
The specifics of each cyber insurance policy will vary between providers and depends on your circumstances.
But the aim of any policy is to enable a business to recover from the costs of a cybersecurity breach, both criminal and accidental.
Usually, insurance covers first and/or third-party risk, covering a range of issues around lost, damaged and stolen systems and data. First party cover often includes:
Third party insurance covers claims made against you. This includes the legal costs of defending yourself and of paying out damages or compensation to a claimant, whether they are a client, supplier, contractor or anyone else affected by the incident.
To help you choose the right cyber insurance policy, here are some questions you should ask yourself about a policy:
A good insurer should make your life easier by listening to you and assessing your needs to tailor a policy to your requirements.
A cyber insurance policy could get your business back up and running with minimum delay and we often recommend to clients to make cyber insurance part of their IT cyber security strategy.
We believe it’s worth paying an annual premium to enjoy the peace of mind of knowing that you are protected.
The threat of cyber-attack isn’t going away and it’s important to protect your systems against attack. However, it’s also critical to protect your business from the financial effects of an attack as well.
Our experts offer advice, training and cyber protection software to many of our clients. You can read more about our Top 8 Cyber Security tips You Must know.
Our team is ready to take your call and arrange a free, no-obligation consultancy about how you can protect your business from cyber-attack or data breach.
Anne-Marie Blazdell is a Marketing & Communications Manager with expertise in digital marketing, content creation, and IT solutions. With a strong foundation in graphic design, she trained at Farnborough College of Technology and Southampton Solent University before advancing into marketing and business IT support.
Since joining Syn-Star in 2022, Anne-Marie has specialised in crafting SEO-optimised website content, managing social media, and helping businesses navigate the complexities of IT. Her work bridges the gap between technology and business, making IT more accessible and effective.
Learn more about IT Support
Share this article
Sign up to our newsletter
Partnerships
You’re device is on an Unsupported Windows Operating System for your security, please contact us.
Team Productivity:
You and your team are able to see where they are using their time and how productive they are actually being. Also they are able to clock in and out, so really good for flexi-working.
Team Monitoring:
If you would like to know what your team is doing and how productive they are being, we are able to monitor them and create screenshots of what they are working on. This can be run in normal or stealth mode.
Book a FREE fact finding session to discuss the different options.
We proactively seek opportunities to support good causes for our community.
From sponsoring local community football teams, to engaging with charity fundraiser days, we believe it’s important to continually strive to do good for the better of others.
We have members who volunteer with youth organisations, are engaged with the Round Table, run marathons and volunteer at events where we may be needed. Every charity receives a discounted IT and Telecoms service too.
Protecting your digital data is crucial for every business and this can start with the industry-leading security we offer. The Syn-Star specialists can help with identifying any vulnerabilities within your IT systems and act accordingly to ensure cyber-attacks and data breaches are mitigated.
Your business will never fall behind with its technology when you work with Syn-Star.
We understand IT and Telecoms for your business is an investment, but it’s important to use the best resources available to enable the growth of your business. Our IT Consultancy and Virtual IT Director Services are available to support you with how you use your business technology for years to come.
Syn-Star can conduct quick and easy phishing exercises to identify people within your team who need to improve on their knowledge around fraudulent emails and how they can be alerted to these threats.
At Syn-Star, our experts can proactively work to understand exactly what software you need to support with the business operations. Whether you need a listening ear on what software to choose, or would like to seek some specialist knowledge, we’re here to help where we can.
At Syn-Star, we keep Telecoms simple. There’s so much available to help UK companies with their communications. VoIP systems, fixed landline, cloud phone systems, SIP trunking and more. Contact us for further details.
Desk phones, cordless phones or conference phones, Syn-Star can provide you with whatever you need.
From conference calling facilities to the headsets which work best for your team, we’re able to provide all the equipment you need and complete any telecoms job from start to finish.
There is no need to be in the office to make and receive phone calls from your company’s number. Our market-leading Telecoms platform gives you the flexibility of desk phones, soft phones and mobile apps as standard.
Whether your team works remotely, or perhaps staff are on a business trip anywhere in the world, calls can still be made, and people are reachable via phone wherever they go.
With a range of products, our team can support you by installing exactly what you need for internet connectivity. We work with the very best products to provide speedy bandwidths which play a part in the increased productivity of your team.
