Don't get lost in cyberspace

Technology is a wonderful thing, however the arrival of new technologies also heralds the arrival of new types of risk. Those affected by such risks invariably require expert solutions, the type delivered by Moreland Insurance.

A lost laptop. A hacked website. Customers’ credit card data stolen. A denial of service attack. A file of sensitive client information left on a train. As businesses become ever more reliant on technology, the risks from suffering a loss related to problems with their computer systems, or holding sensitive customer data, continue to grow.

Such events, as mentioned above, can lead to lost revenue, a damaged reputation, and legal and regulatory costs, not to mention the associated business disruption.

According to the ‘2014 Information Security Breaches Report’, conducted by the UK government’s Department for Business, Innovation and Skills, 60 per cent of small businesses suffered a data breach in the last year. A further 16 per cent of small businesses experienced a ‘denial of service’ attack, effectively making their computer systems unusable.

Is my business at risk? If you:

  • Hold sensitive customer details such as names and addresses or banking information
  • Are reliant on computer systems to conduct your business
  • Have a website
  • Are subject to a payment card industry (PCI) merchant services agreement

Then your business could be vulnerable to a data breach or loss of vital business services.

How do you protect your business? bfa Brand Partners Moreland Insurance have identified a insurance ‘safety net’ via Cyber Liability and Data Insurance. They can offer comprehensive protection for your computer systems and data (electronic or non-electronic).

Benefits include:

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  • Practical support in the event of a data breach, including forensic investigations, to find out what went wrong and confirm whose data has been put at risk, legal advice, notifying customers or regulators, and offering support such as credit monitoring to affected customers
  • Compensation for loss of income, including where caused by damage to your reputation, if a hacker targets your systems and prevents your business from earning revenue
  • Payment of the costs associated with regulatory investigations or claims for damages made against you for failing to keep customers’ personal data secure. We will also pay civil penalties levied by regulators
    • Reimbursement for the costs of repair, restoration or replacement if a hacker causes damage to your websites, programs or electronic data
    • Liability protection if you mistakenly infringe someone's copyright by using a picture online, for example, or inadvertently libel a third party in an email or other electronic communication

    Moreland’s Director, Maurice Logie says; “The danger of some kind of loss or damage to a business via the Internet is growing at an alarming rate. The cost of Cyber Liability and Data cover is relatively inexpensive when compared to the damage that can be done. Moreland is happy to provide a quote on a ‘no cost or obligation' basis.”