Privacy and data breach are no longer the only cyber issues facing businesses as cyber criminals realise businesses that rely on their systems for day-to-day operations can be held to ransom in the event their systems are rendered inoperable.
Businesses with little sensitive personal information are finding that the emphasis has shifted and this has resulted in an increase in the purchase of cyber insurance from a previously low purchasing group. Manufacturing, supply chain, distribution, logistics, etc. are now more vulnerable to cyber-attack than before as cyber criminals look for new opportunities.
For some years the insurance industry has provided cover for first-party risks such as network and data restoration expenses, business continuity expenses, loss of income and cyber extortion expenses but going forward more consideration must be given to how businesses protect their systems but also how well equipped businesses are to recover from a system failure or cyber-attack and this means understanding the disaster recovery and business continuity procedure implemented by those businesses looking to purchase cyber insurance.
To find out more about protecting your business from cyber-attacks contact Iain on iainainslie@equinoxunderwriting.co.uk
