Cleaning & Maintenance – Cyber Attacks. Are you covered?
Polished insurance Director, Lynda Allan advises Cleaning & Maintenance magazine on why it is so essential that cleaning business of all sizes ensure that they have the right insurance cover in place, should they experience a damaging cyber-attack.
875,000 SME’s were victim to a Cyber Attack in the last 12 months. Are you covered?
Cybercrime is on the increase and is becoming a serious issue for all businesses, with 875,000 UK SMEs suffering a cyber security breach in the last year alone.
Recent research revealed that almost one in six SMEs have fallen victim to a cyber-attack in the last 12 months, and one in ten small businesses have experienced a cyber-attack costing more than £50,000.
Cyber-attacks are financially damaging, can damage business reputations and will seriously affect the day to day running of your business; a serious concern for all cleaning businesses.
Staggeringly, over half of all British businesses experienced a cyber-attack in 2016 and recent research revealed that the top threat perceived today, by a business, is a cyber-attack and in second place is the threat of data breach.
Regulators across the UK are getting to grips with cyber liabilities and we expect that, sooner rather than later, regulatory action will be stepped up. This means that there will be significant penalties incurred for businesses who have failed to protect themselves.
The following cyber-attacks happened over the last few years. Could this happen to your business and are you covered if it does?
Cyber-attack following a simple download
A third-party payment provider experienced a significant cyber-attack when two employees opened an infected word document which downloaded Crypto Locker Malware on to the businesses network.
This damaging data breach affected 5,000 of their customer records. Users within the business were prevented from accessing their own data and the entire network was down for over 32 hours, incurring an insurance claim totalling £48K.
Denial of Service cyber-attack
A business suffered a persistent Denial of Service cyber-attack which affected all their websites. The wider issue became apparent once the websites were back up and running. As soon as the customers logged on to their accounts, they could view another customer’s details including all their financial information. This incurred an insurance claim totalling £62K.
Does your business have the right insurance cover in place should a cyber-attack or a data breach happen to you?
Cyber and data insurance cover provides your business with the full support of a team who will protect your reputation, investigate, and diagnose the attack, and help you to secure your systems, before getting them safely up and running again.
If your cleaning business has the right cyber and data breach insurance cover in place, you will benefit from processes that could help restore your businesses capability, help you to get back in business swiftly, and reimburse the loss of both business and personal funds from:
- An unauthorised electronic funds transfer
- Theft of money or other financial assets from your bank by electronic means
- Theft of money or other financial assets from your corporate credit cards by electronic means
- Any fraudulent manipulation of electronic documentation whilst stored on your computer systems
- Any phishing, vishing or other social engineering attacks against any employee or senior executive that results in the transfer of business funds to an unintended third party
Reimbursement of Personal Funds
In addition to the reimbursement of funds to the business, your cyber and data breach insurance cover should also reimburse personal financial loss, as a direct result of any third party compromising the company’s network security, including the theft of money or other financial assets from a personal bank account, of any senior executive in your business and identity theft of any senior executive because of a privacy breach suffered by your business.
How much will Cyber and Data Breach cover cost?
At Polished Insurance, we work with cleaning businesses of all sizes across the UK and we understand the extent of Cyber and Data Breach insurance cover that is needed.
It is essential that your insurance broker takes the time to understand the exact nature of your business. Only with this level of detail can you be provided with an accurate and comprehensive package of Cyber and Data Breach insurance cover.