We recently reviewed our cyber insurance here for the firm, and whilst going through that process we found some interesting things which we believe are relevant to all businesses. Did you know one of the most common claim request on business insurance is for cyber-attacks, however, most businesses haven’t insured for this. Given the nature of how businesses operate these days, it’s more likely than not that you will experience a cyber-attack at some point, so it’s something we think you should strongly consider.
Our insurance broker, Watkins Taylor Stone has recently brought the below 7 common cyber insurance myths to our attention:
- We’re too small to be a target
- We already have strong cyber security measures
- Cyber insurance is too expensive
- We don’t handle sensitive data
- We can handle an incident internally
- We’ve never had a cyber incident
- Our IT server provider will handle it
The following PDF link provided by Watkins Taylor Stone goes more into detail about the debunking of these myths. It may be worth considering adding cyber protection to your insurance policy to ensure your business is better protected. Obviously the best person to discuss this with is your insurance broker. If you would like a referral to our broker just let us know (we have been with them for 18 years and they do all our PI, Bus, Cars, Home etc.).
