The nature of online trading creates considerable virus, spyware and hacker risk exposures, including theft of customer banking information, privacy liability following a breach of personal identity data, and e-business interruption.
These risks may not be adequately covered by traditional standard policy forms. Modern businesses, of all sizes, are vulnerable to this type of attack from a local B&B with an online booking system to large online retail businesses.
Cyber liability is a hot topic, with insurers and brokers alike looking at this new and emerging risk. A report published by the UK government and a global insurance broker, warned of knowledge gaps among business that is holding the UK cyber insurance market back. The government has worked with the Information Assurance for Small and Medium Enterprises (IASME) consortium and the Information Security Forum (ISF) to develop Cyber Essentials, a set of basic technical controls for organisations to use. It offers a certification process for businesses to show they have taken the necessary steps to prevent cyber-attacks. Insurance firms and brokers have backed the scheme.
Sensational news stories help promote the need for cover, but buyers, as always, need to be aware. Many policies that are emerging are very specific in what they cover and what they don’t cover. It is imperative that those buying this insurance think long and hard about the risks they run, and ensure that any policies bought reflect the cover required. An experienced insurance broker will be able to review your risks and provide professional advice on the best cover for your business.
Michael Hashim Cert CII – Account Executive
e: Michael.Hashim@jelf.com
m: 07469 350 261
Leven House, 10 Lochside Place, Edinburgh Park, Edinburgh EH12 9DF
t: 0131 255 0312
f: 0131 255 0301
e: Michael.Hashim@jelf.com
www.jelf.com
