2018 was a busy year for cyber-attacks and data breaches: it’s time to make sure your business doesn’t get caught out in 2019 by checking your policies to ensure you are covered for everything you believe could pose a risk within your business. Remember: cyber crime insurance is NOT usually covered on a commercial combined policy.
On 25th May 2018, the General Data Protection Regulation (GDPR) was introduced, heralding the biggest shake-up in privacy law for two decades. As a business you will already have read plenty about the new regulation, so you’ll be pleased to learn we’re not going to rake over old ground. What we did think would be useful however is to provide you with a few pointers on dealing with data breaches. If you are not sure what counts as a data breach, or what you need to do if you think one has happened, read on for some helpful FAQs.
Cyber security breaches can have a serious knock-on effect. Viruses or hacking can bring customer transactions to a standstill; critical data can be lost, corrupted or damaged; intellectual property can be compromised. Revenue and profits are likely to suffer as a result. There could be follow-on liabilities such as notification costs, fines for data loss, legal expenses, awards and damages to pay out. Thankfully, purpose-designed insurance products are now becoming available in response to a very real need.