The Rise of Cybercrime
According to Lloyd’s, cyber insurance saw a 50% rise in 2016 and the trend is expected to continue as firms look to cover their exposure to cyber-attacks. So, what is cybercrime and how can it impact your business? Cybercrime refers to the criminal actions and activities carried out using computers and technology. In 2016, the UK Government published a guidance document: 10 Steps to Cyber Security aimed at providing some comprehensive information to organisations about how they can protect themselves in cyberspace. Every business should use these guidelines to help understand the importance of protecting their business from cybercrime, and to mitigate the risks of cybercrime.
Cybercrime has risen exponentially in the past few years with the advancement of communication technology, payments technology, social media and the power of information. Threats from outside agents are more prevalent than ever and the potential for insiders to act and compromise company information is a growing risk. The potential fines to companies for data breaches is huge, so protection is essential.
The insurance industry has reacted to the growing requirement for business protection relating to cybercrime by offering a range of policies that help to cover the costs associated with cybercrime. According to CIO.com, typical expenses relating to cybercrime can include the cost of investigating cybercrime, the losses to the business of the crime, the cost of notifications to customers and any criminal or civil cases that may be brought against the company.
At BQI, we offer a broad range of insurance policies for all types of industry, and covering a wide range of risks. Speak to one of our specialist advisors today.