Cyber Crime & risk is appearing in the news more and more frequently at the moment and it is an insurance cover that we should all be considering as some of the threats could be very serious to a business.
Cyber insurance covers the losses relating to damage to, or loss of information from, IT systems and networks. As a business of any size, it is likely you will rely on information technology (IT) infrastructure to some degree. If so, you will be exposed to the risks of business interruption, income loss, damage management and repair, and possibly reputation damage if IT equipment or systems fail or are interrupted.
A UK Government survey estimated that in 2014 81% of large corporations and 60% of small businesses suffered a cyber breach. The average cost of a cyber-security breach is £600k-£1.15m for large businesses and £65k-115k for SMEs. These figures are increasing at a fast rate.
The cost of an annual cyber risk insurance policy start from just under £400 and therefore I recommend that you contact us for an informal discussion and free quote.
Contact Arc Broker Insurance Brokers in Lincoln: 01522 820980
