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Cyber Recovery Insurance

Expert advice for SMEs following a data security breach

Nearly half of all UK businesses experienced a cyber attack in the last 12 months.

When this happens to you, what will you do? 

A data breach could put the future of your business at risk. Most UK business will hold some kind of personal data, which could include:

  • Personnel and HR files
  • Customer Details, like names and addresses
  • Email addresses
  • Banking information

All UK businesses will need to be compliant with GDPR data protection laws, and if you hold any of the above information then you will need cyber protection to provide expert advice following a data security breach.

What would a cyber attack mean for your business?

A cyber attack can have serious consequences on your business, from shutting systems down and preventing access to important data, to stopping you from trading altogether.

Most SMEs won’t know how to deal with a cyber attack, and will need expert advice to help manage the problem.

When you suffer a cyber attack, any loss of personal information can be complex and time consuming to deal with, and the new General Data Protection Regulations (GDPR) will mean heavy fines if you get it wrong. The cost of fixing the problem, restoring systems and getting back on track can run into thousands of pounds for SMEs, and with potential ICO fines on top, could put some companies out of business. Not only are the financial implications huge, but the effect on your brand can be disastrous too.

How will Cyber Recovery help you to survive a data security breach?

Cyber Recovery is an insurance policy which provides businesses, with a turnover of less than £5m, with a Cyber Expert to help them survive a cyber attack or data breach.

It’ll provide the Lorega Cyber Emergency Response Team (CERT) to manage the crisis from the moment the discover the breach is discovered. Expert advice will be on hand following a covered data security breach – in which personal information is copied, transmitted, viewed or stolen by a third party unauthorised to do so.

As long as the breach occurred in the UK, we will investigate and assist with the restoration of systems, liaise with the systems regulator and help you to communicate with your customers to limit the damage to your reputation and restore confidence.

We will also cover the cost of certain financial damages, penalties and fines, arising from a Regulatory Investigation, up to the agreed limits, where insurable under UK law.

 

Don’t leave it too late.

In a growing digital world, any business will need to consider the risk of the data being lost or stolen, regardless of turnover or size. Cyber Recovery will help you to protect your business and manage this risk.

If you would like to know more, please get in touch.

Meet the Experts

Gary Hibberd is Managing Director of Agenci, our Cyber Insurance partners. He is an experienced and qualified Information Security & Business Continuity professional, author, speaker and regular contributor to government initiatives on cyber security and counter terrorism.