Do I need cyber insurance?
As a contractor, you'll already have professional indemnity insurance so why would you buy cyber cover?
Do you ever access your client’s data out of the office, perhaps on a train, perhaps using your own laptop working at home on a document or answering emails? What if the data was lost or compromised?
How would your business be affected if your client suffered a cyber breach or threat of extortion as a result of something you’d unwittingly done? Who would you ask for help?
According to the National Cyber Security Centre at GCHQ, there is a 38% chance as a micro business that you’ll experience a cyber breach with estimated costs of around £1,400. Costs are likely to increase dramatically after May 18 when the GDPR is in force and the Information Commissioner's Office can issue fines of up to 4% of turnover, not to mention the possibility of data breach compensation claims from individuals affected.
As a firm, we've recently taken out cyber insurance. The cost of bringing in experts at short notice should not be underestimated, with many charging multiples of their usual charge out rates.
Cyber policies are surprisingly affordable, even for micro business. You'll get access to a panel of expert help fast to help reduce the damage to your reputation and to reduce any loss of earnings whilst you are sorting out the breach.
Call Ntegrity today for more information on 01454 800 888.