There is an ever increasing number of cyber-attacks in the UK, with the number multiplying every day the need for cyber liability insurance has never been greater. It doesn't matter whether you are a larger ISP or a one-man band, without the correct cyber coverage you are putting a third of your revenue at high risk according to a report by the governments Cyber Streetwise campaign.
It is common to think that you only need cyber liability insurance if you are taking payments online, however a third of all small businesses suffered a cyber-attack at some point in the last year. An attack on your business could cost you between £75,000 and £311,000 on average according to government statistics.
If your business is left uninsured you are exposing yourself to the dangers of an unprotected cyber liability attack and when it comes to security, you can't be too careful. Many businesses struggle to recover from a cyber-attack but when mistakes happen it is usually when the reputation of your business could come under threat.
You could have the best security system but it won't cover you for every eventuality such as you or one of your employees leaving a laptop on public transport and your data falling into the wrong hands. The ramifications of this happening are severe and you could face large fines, penalties and you may have to pay the cost of notifying individuals and getting in touch with the affected parties and rectify the issue.