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Interview with Simon Taylor of Get Indemnity – Why is cyber insurance important?

Get Indemnity, specialising in professional indemnity, is advising firms in the UK to be much more aware of cybercrime. The digital insurance broker noticed a dramatic increase in companies reporting cyber-attacks and this has encouraged firms to have cyber insurance.

Simon Taylor at Get Indemnity explained what a cyber-attack is, stating “a cyber-attack can be anything from data leaks, to site hacking or stolen customer information”. 

“Your company can be turned upside down if a scam, phishing attack or hacking goes through your business systems – and it can be very expensive for companies to overcome.”

There is an estimation from the Centre for Economics and Business Research (CEBR) suggesting that cyber-attacks are costing firms in the UK roughly £34 billion per year. This figure includes business interruption, the legal action from clients, loss of business as well as the PR cost for repairing a firm’s brand image. 

“The issue is that cyber insurance is still considered relatively new and not many companies will ask for it or know how much cover they need. For starters, we offer cyber insurance from £323 per year or £26.91 per month.”

“The threats are very high. Businesses are becoming more online-driven so any data records that you previously had filed somewhere are now online and can be potentially accessed by anyone.”

“In addition, with covid-19, more people are working from home and their laptops may not have the same kind of security or protection that you would expect in an office. So, key business information can be very exposed and even sitting on the kitchen table somewhere.”

“Anyone from being self-employed, SMEs and large organisations should take extra steps to avoid possible cyber-attacks. This may involve training at the ground level, or adding extra protection in terms of cloud security, encryption of documents or getting staff to use VPNs when working remotely.”

“But one thing is for sure, cyber-attacks will not be going away, so it is better to be prepared and get covered as early as possible.”

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