Data Protection/Cyber Liability insurance

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) will 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

GDPR FAQs

‘Synetics Solutions’ has prepared this infographic highlighting the differences between the DPA and GDPR and we think it’s really good. Have a look for yourself. You can find out more by visiting the ‘Synetics Solutions’ website here.

GDPR v DPA explained

Managing a breach effectively is essential…

  Our solution for you – exclusively enhanced CyberEdge

Jelf Clark Thomson working in partnership with AIG, is pleased to offer this enhanced product.

Learn more about CyberEdge
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Cyber Crime

As a business you are exposed to a number of key risks, including Cyber Liability/Data Protection.  The information contained in this area relates specifically to this key risk which is subject to the new GDPR legislation.

There are a number of other areas where your company may be exposed to risks relating to the actions of your Directors, Senior Team and employees.

One of these key risks is “Cyber Crime” where for example bank accounts may, due to inadequate systems, be accessed by unauthorised persons resulting in funds being paid into a fraudsters account.

If you would like further information on “Cyber Crime” which can be arranged as an extension to your “Cyber Liability/Data Protection “ cover please contact us for more information.

The Scottish Business Resilience Centre (SBRC)  

The Scottish Business Resilience Centre (SBRC) provides valuable guidance and support to businesses acting as a  one stop shop for business security services and advice including cyber security. Jelf Clark Thomson is a member of SBRC and together we offer clients the opportunity to learn more about protecting themselves and their businesses against cyber risks.

10 steps to ensure your business is prepared for the unexpected

The ‘10 Steps to Business Resilience’ self-assessment tool developed by the Scottish Business Resilience Centre is intended for businesses to proactively ensure their resilience.

Click here to start the ’10 STEPS’ TO A SAFER BUSINESS SELF ASSESMENT

The Scottish Business Resilience Centre also offer a number of cyber services that you may find helpful.

Access SBRC Cyber Services