Thanks to our reliance on technology, cybercrime is growing exponentially worldwide, and all small businesses are at risk of attack.
Your business could be at risk of cyber threats if you operate the following online systems:
- A website
- A Customer Relationship Management (CRM) system
- Till or Point of Sale (POS) systems
- Accountancy or banking platform
- An e-commerce store or online retail outlet
In addition, if you use social media, email, online work boards, job request platforms, or telephony over VOIP, your business could also be vulnerable to the activities of cybercriminals.
If your business is attacked or hacked, having cyber insurance in place is absolutely critical to getting your business back up and running again and avoiding potential legal fees, fines and claims that might be made against you by your customers.
The experts at Stanmore Insurance Brokers can ensure that your small business is protected from cybercrime. We consistently educate ourselves on the fast-paced world of cyber insurance to ensure that we understand new guidelines and policies, in order to offer the best service to our clients.
What is cyber insurance for small businesses?
Cyber insurance for small businesses is a form of insurance cover that protects companies from the liabilities and financial losses associated with serious cyber-attacks and data breaches.
Essentially, cyber insurance gives you peace of mind that your business can keep functioning even if you are a victim of cybercrime.
Do small businesses need insurance for cyber security?
Cyber crime is a modern form of criminal activity that can affect any business in any sphere and of any size.
According to the Government’s National Cyber Security Center, there’s a one in two chance that cyber criminals will attack your small business. The damage these criminals inflict on your company’s reputation is often also more costly than any monetary losses you might suffer.
Every small business is dependent to some extent on technology, and that’s increasing with the development of IT systems and the use of social media in marketing. If your systems are hacked, you could suffer business interruption, reputational damage and income loss, which can be time-consuming and expensive to recover from.
For that reason, we strongly recommend that you take out a comprehensive cyber insurance policy that protects you and your small business from hackers and online criminals.
Do cyber criminals target small businesses?
Unfortunately, cybercriminals often view small businesses as easy targets for several reasons.
Limited resources
Small businesses often have fewer robust security measures and dedicated IT staff who focus on cyber safety than larger operations, leaving these organisations more open to cyber attacks.
Lack of awareness
Small businesses tend to be less aware of the potential of cybersecurity threats than larger organisations, making them more susceptible to social engineering attacks, phishing emails and other common cyber attack tactics used by criminals.
Valuable data
Many small businesses hold valuable data, including financial records, customer information and intellectual property. That data attracts cyber criminals who steal it for financial gain or other malicious purposes.
System connectivity
Small businesses often rely on digital systems and online connectivity for their operations. That connection provides cybercriminals with virtually unlimited opportunities for the exploitation of vulnerabilities within the network or software.
Supply chain attacks
Where a small business is part of the supply chain for larger organisations, cybercriminals can target them to gain access to the larger organisation’s systems. Consequently, the larger organisation is targeted via the small business’s weakness, potentially resulting in irreparable damage to an important business relationship.
What does cyber insurance for small businesses cover?
In particular, cyber insurance policies cover your small business for a range of incidents, including:
- Data breaches
- Business interruption
- Data loss or destruction
- Cyber extortion and ransomware attacks
- Third-party liability
- Regulatory compliance
To find out more about cyber insurance coverage and what your business needs, give us a call and speak with one of our helpful cyber team members.
How much does cybersecurity cost for small businesses?
The cost of cybersecurity varies, depending on what cover you opt for and the size of your business.
Here at Stanmore Insurance, we only quote you for the insurance coverage you need and always try to work within your budget. We’re fully transparent with our costs, so you’ll know exactly what you’ll pay for your small business cyber insurance policy, and why.
How much cyber insurance do I need?
We have helped clients with their insurance requirements for over 60 years; consequently, our team of experts have in-depth knowledge of all aspects of the insurance sector, including cyber insurance.
We have excellent relationships with many insurance providers, and once we understand you and your small business, we can choose the perfect cyber insurance product for your specific needs.
Cyber Liability Insurance Brokers
At Stanmore Insurance, we strive to build an excellent relationship with each of our clients. That’s why we provide you with a dedicated account handler who will take the time to get to know you and your small business on a one-to-one basis.
To discuss your cyber insurance needs in detail and find out how we can protect you and your small business from online criminals, call us now on 01204 570370 for a free, no-obligation quote.
