Why do you need data protection insurance?
- Cyber losses cost the UK economy £27 billion last year
- Cyber losses are now the largest recorded criminal offence in the UK, overtaking physical crime. Data is now more valuable to criminals than physical assets
- Average cost of a cyber-breach for a small business is £75,000-£311,000
- Data is one of your most valuable assets but it is also the most uninsured risk
- Systems are critical for performing day to day business activities but downtime due to a cyber-attack is not covered by a standard business interruption policy
- Your reputation is a vital asset, so why not protect it?
- All businesses are responsible for the Third Party data they hold. New European legislation (GDPR) could enforce the need for you to ensure data is kept safely
General Data Protection Regulation (GDPR)
This legislation comes into effect on the 25th May 2018. A key element of GDPR is increased compliance requirements backed by heavy financial penalties up to 20million euros or 4% of annual worldwide turnover for groups of companies.
The GDPR broadly covers:
- Data Privacy
- Data Control and Security