We bank, shop, work and socialise online, and so do the criminals who want our money and data. Scams are more convincing than ever, and it only takes one click on the wrong link for things to go wrong.
Good habits go a long way. But no one is completely safe, which is why it also pays to have the right cyber insurance in place for when something slips through.
The cyber threats to watch out for:
- Phishing and scam messages: fake emails, texts and calls that trick you into sharing passwords or bank details.
- Identity theft: criminals use your stolen details to open accounts, take out credit or pose as you.
- Online fraud: unauthorised transfers from your accounts, or paying for goods that never arrive.
- Ransomware and cyber extortion: your files or systems are locked until you pay.
- Hacked accounts: someone takes over your email or social media and uses it to scam your contacts.
- Cyberbullying and online harassment: abuse that can be distressing and hard to stop.
For businesses, the stakes are higher. A single attack can bring your systems down, expose customer data and stop you trading. The average cyber claim for a small or medium-sized business reaches £285,000, and businesses hit by ransomware face around 21 days of downtime (source).
Simple steps that can protect yourself:
- Use strong, unique passwords for every account, and a password manager to keep track of them.
- Turn on two-step verification wherever you can, especially for email and banking.
- Keep devices and software updated so security fixes are installed as soon as they're released.
- Think before you click. Be wary of unexpected messages that create urgency or ask for payment or personal details.
- Back up important files regularly, so you can recover them if they're lost or locked.
- Check your bank statements and act quickly on anything you don't recognise.
Why insurance matters too
Even the most careful people get caught out. Scammers are skilled, and attacks don't always come down to a mistake you made. A data breach at a company you use, for example, can put your details in the wrong hands.
When it happens, the costs add up quickly: lost money, legal fees, recovering data, restoring your identity and the time and stress of putting it all right. Cyber insurance helps cover those costs and gets expert help to you fast. Many people assume their home or business insurance already covers them, but most standard policies offer little or no cyber cover.
Personal Cyber insurance
Our Personal Cyber insurance is a standalone policy for anyone who uses the internet, whether that's on a smartphone, tablet or laptop. It helps protect your finances, identity and peace of mind against online threats.
Examples of incidents covered:
- Personal Identity Fraud - A third party steals, destroys or corrupts your personal data (photographs, recordings, text or information in an electronic format and stored on one of your devices)
- Cyber Attack - A third party attacks your device electronically (for example, by introducing a virus onto your computer)
- Social Engineering - A third party impersonates someone that you trust to obtain personal information, such as personal security details
- Cyber bullying and defamation - A third party publishes defamatory information about you on a social media platform, by email or on a website
- Cyber extortion - A third party demands a ransom payment in return for electronic data which involves you or belongs to you
- Online sales fraud - A third party defrauds you into an electronic transaction or the making of a purchase online, but the goods or services are never received
- Cyber media liability - A claim or judgment is made against you as result of the actions of a third party who has gained unauthorised access to your devices, social media account or email account
The personal cyber insurance policy is for personal use only and doesn't cover business activities.
Business Cyber insurance
Our Business Cyber insurance, is designed for small and medium-sized businesses. It covers you if your network, or a cloud provider you contract with, is hit by unauthorised access, operator error, a denial-of-service attack or malware, including ransomware.
Examples of what the cover includes:
- Re-instatement of your data
- Loss of your gross profit caused by the Cyber Event
- A specialist IT forensic company to investigate the cause and scope of the Cyber Event
- £10,000 for e-theft
Get protected this October
Cyber Security Awareness Month is a good reminder to review your online safety, and your cover. Good habits reduce the risk, and the right insurance means you're not facing the cost and stress alone if the worst happens.}
- For you and your family: apply for Personal Cyber insurance
- For your business: apply for Business Cyber insurance
Not sure which is right for you? Get in touch with our team for a friendly, no-obligation chat. Contact us here!
