SME's sign up to cyber attack insurance
BUSINESS owners are increasingly signing up to
insurance policies to protect themselves against cyber attacks.
Southport based online insurance company Quote Dave says it has seen a surge
in enquiries in the wake of the attack on telecoms giant TalkTalk.
Figures from the Office for National Statistics reveal that there were
2.5million incidents of cyber crime between May and August this year alone.
The statistics include computer viruses, but also incidents in which email or
social media accounts had been hacked.
Stuart Bennett, a director of
"Insurance against cyber attack is definitely on the agenda of business
owners. We have received a significant number of enquiries since the
Under the Network Information Security directive being introduced next year
in the European Union, businesses of a certain size will be obligated to
report any breach of their systems.
Cyber attack is potentially a bigger issue than fire and theft because so
many businesses depend on being able to access electronic data.mWe anticipate the demand from SME owners only
increasing over the coming months, particularly if there are 1 or 2 high
profile cyber attacks on smaller firms. In time, cyber policies will be part
and parcel of business insurance just as fire and theft insurance are
commonplace. SMEs are just as vulnerable to attack as a TalkTalk.
Younger people are computer savvy and all it takes is a disgruntled customer
who feels so let down that they wish to damage your business or someone with
malicious intent and you could have a problem on your hands. 10 years ago
it might have been a brick through your window but now it can be a lot more
serious." Quote Dave provides its business clients with policies including commercial
vehicle insurance, landlord insurance, insurance for tradesmen, manufacturer
and wholesaler insurance, public liability, professional indemnity as well
as cyber crime.