Cyber and Data Insurance to help protect your business
As police investigate a "significant and sustained cyber-attack" on the TalkTalk website, the risks from being exposed to mistake or criminal activity across the internet have suddenly been launched into the limelight.
The phone and broadband provider, which has over four million UK customers, said banking details and personal information (including names, address, date of birth, email address, telephone numbers and credit card details) could have been accessed.
As businesses become more and more reliant on technology, the risks are also increasing which can lead to lost revenue, a damaged reputation (in the wake of this news, TalkTalk's share price had dropped by 10% since the London stock exchange opened at 08:00 BST on Thursday 22nd October; less than 24 hours after the news first broke), legal and regulatory costs and of course the associated business disruption. And according to a report by the UK government, 60% of small businesses suffered a data breach in the last year meaning it's certainly not just the large companies that are being targeted.
The early indications suggest that TalkTalk's attack was a Denial of Service attack (DoS) - where a website is hit by waves of traffic so intense that it cannot cope. What is not clear is why this would result in the loss of data rather than just the site going down. One suggestion is that the DoS was a means of distracting TalkTalk's defence team while the criminals went about their work.
However, from a lost laptop and a hacked website to your customers' credit card details being stolen, cyber and data insurance will have your business covered.
If you hold sensitive customer details such as names and addresses or banking information, are reliant on computer systems to conduct your business, have a website or you're subject to a payment card industry (PCI) merchant services agreement, then your business could be vulnerable to a data breach or loss of vital business services.
Our Insurance partner can arrange comprehensive protection for your computer systems and data (electronic or non electronic), which includes cover for DoS attacks. The benefits of which include, practical support in the event of a data breach (including forensic investigations to find out what went wrong and confirm whose data has been put at risk), the notifying of customers and regulators and offering support (such as credit monitoring) to affected customers and legal advice. Compensation for loss of income, payment of the costs associated with regulatory investigation or claims for damages made against you for failing to keep customers' personal data secure are covered, as well as reimbursement for the costs of repair, restoration or replacement, if a hacker causes damage to your website, programs of electronic data. Also covered under this type of policy can be liability protection if you mistakenly infringe someone's copyright by using a picture online for example, or inadvertently libel a third party in an email or other electronic communication.
"................... from a lost laptop and a hacked website to your customers' credit card details being stolen, cyber and data insurance will have your business covered."