Not all of your valuable assets are tangible - you can protect against a data breach or malicious cyber hack with a Cyber Liability policy arranged by Pace Ward.
If your business is targeted by a hacker or suffers a GDPR personal data breach, it can take time and money to fix. This can disrupt your business, leading to lost revenue, damaged reputation and regulatory fines.
Statistics show that the average annual cost for businesses that lost data or assets after a breach was £4,180, and 32% identified cyber breaches or attacks in the last 12 months. It was also found that 95% of security incidents were a result of human error.*
You can prepare for this with a Cyber Liability policy which can include the following covers:
- Cyber Crime (Data Breach, Extortion, Phishing, Fraud)
- Data theft
- Material damage
- Reinstatement of data
- Business interruption
- GDPR investigations
*Sources - UK Gov Cyber Security Breaches Survey 2019 and IBM Security Services Report 2014.
Pace Ward can help your business fend off the financial costs and penalties associated with Cyber Liability, if your business has been the victim of a cyber crime.
Case Study - Payment Card Breach
A retailer suffered a payment card data breach after hackers placed malware on the payment systems at 15 of its stores, which came to light after card brands notified the company of a series of fraudulent transactions. In all, over 30,000 payment cards were compromised, which lead the retailer to incur card brand assessments totalling £345,000.
Immediately following the breach the insured carried out a PCI forensic investigation. Due to the number of retail locations affected, the cost of this reached £95,000. In addition, £31,900 in legal fees were also incurred. The total costs of the incident was £476,900.