Cyber & data risks insurance for small businesses
Lukango believes that one of the biggest challenges facing small businesses in the UK is the lack of awareness about cyber threats and how to protect against them. Many businesses are not aware of the potential risks they face and do not have the necessary measures in place to protect their data and systems against cyber threats.
At Lukango we believe the ever-growing amount of cyber threats facing small businesses in the UK means that keeping your data and your customers data safe is one of the most important things you can focus on as a business owner.
Find out more about small business insurance that extends protection to cyber and data risks below or click here to get quote:
Following a cyber attack, cyber and data risks insurance can protect you against costs caused by
Theft of sensitive information
Extortion
What is cyber & data risks insurance?
Cyber and data risks insurance is designed to protect your small business against a data breach or malicious cyber hack that affects either your tech systems or business. Heavy stuff. It can be bought separately if that makes the most sense for you or alongside your other business insurance policies. This provides an extra layer of protection when your business needs it most.
Cyber insurance policies for small businesses like yours usually cover costs that you’ll incur after cyber
attacks, cyber extortion and data breaches. This insurance policy can also cover:
- Theft of sensitive information.
- Business interruption and lost income because of cyber attacks.
- Cyber extortion and ransomware attacks.
- The costs of notifying customers and regulators in the event of a data breach.
- Liability for damages to third parties resulting from a cyber-attack.
- Costs of recovering data and restoring systems after a cyber-attack.
- Cyber crime and social engineering attacks which means things like phishing scams and fraudulent wire transfers.
Get cyber and data risks insurance for your small business from Lukango and:
- Get tailored quotes in minutes
- Get covered and all your documents the same day
- UK-based expert support, online and on the phone
Do I need cyber & data risks insurance cover?
Cyber and data risks insurance is for businesses that process, transfer or store customers' personal data. So, if you have an online shop spending your days living and breathing on the internet, then you might want to think about this insurance.
Although cyber insurance is not a legal must in the UK for small businesses, with so much of business being conducted in some way online, it should be considered. Cyber threats and attacks have become more frequent and small businesses are often more vulnerable to cyber attacks because of limited focus and money for cyber security measures. Better to be prepared - a successful attack could have huge financial and reputational consequences.
Frequently asked questions about Cyber & Data Risks
- What does cyber insurance protect my business from?
Phishing attacks: Phishing attacks are one of the most common forms of cyber attacks. They involve tricking users into clicking on a link or downloading an attachment in an email that contains nasty viruses or malicious code. The emails are really great at looking like they are from a legit business or masquerading as a trustworthy source.
Ransomware attacks: Ransomware attacks are on the rise and have become more sophisticated. They involve locking down a business's files or systems before demanding payment to release them. These attacks can be devastating for small businesses that probably don’t have the money to pay the ransom.
Insider threats: Hackers and cyber criminals are always looking for ways to exploit the weak spots in a small business. Insider threats literally come from within! They can come from employees, contractors, or partners who have access to a business's systems and data. The results? Sensitive information or intentional sabotage.
Third-party risks: UK SMEs may also face risks from third-party vendors or suppliers who have access to their systems or data. These risks can include data breaches, theft of intellectual property, or other security threats. - Why is cyber and data risks insurance so important
Cyber and data risks insurance should be considered when you have sensitive and confidential information being put online to be shared around the world. While good cyber security measures will help with data and technology failures, insufficient data protection could result in further losses if not covered by cyber insurance policies. Data risk insurance eliminates the uncertainty of a potential worst-case scenario because it insures for the losses that could result from a mishandling of sensitive data.
- What can I do to protect my small business from cyber attacks?
The risk of cyber attacks and data breaches is no longer an imaginary one. With the advances in tech, cyber security needs to be in place to protect companies from potential breaches of their networks, databases or computers. In some cases this isn’t enough, so adding cyber and data risks insurance could help to protect you, your business, your employees and your customers against the risk of a targeted cyber attack.
Related Blog posts
- Read more
Protecting Your Dream: Why Tailored Insurance is a Game-Changer for Startups and Entrepreneurs
As an entrepreneur or startup founder, you've poured your heart and soul into bringing your vision……
- Read more
Don’t let small business insurance myths hold you back
As a small business owner, you understand the importance of protecting your business from……
- Read more
7 things I wish I knew before starting a small business
Starting a business can be one of the most exciting adventures you pursue in life. The benefits of……
