The team at PC Net Solutions, based at Mercury House, has issued a warning to businesses taking out Cyber Insurance – to check the small print!
Many businesses are now taking out Cyber Insurance, also knows as cyber risk or cyber liability insurance, to protect their business from threats in the digital age, such as data breaches or malicious cyber hacks on work computer systems.
But this insurance usually requires a business to have taken certain steps to protect itself from attack in order to receive a payout from a claim.
Katy Jones, of PC Net, said she would recommend Cyber Insurance for businesses that hold data in, and work from, a computer system, but is calling on business owners to let her and her team check the small print.
“Just as with any insurance there are certain measures that the business agrees to take when signing up for cyber insurance to allow any future claim to be successful.
“If you have reduced house insurance due to an alarm system but forget to turn the alarm on you may not be able to claim in the case of a burglary, if you do not clean your car windscreen and have an accident you may not be able to claim on your car insurance for any damages – insurers are well within their rights to declare a policy invalid if you have failed to keep up your end of the deal.
“And it is no different when it comes to cyber insurance – if the small print says you should have two-factor authentication security in use on all systems and that is not the case the insurance could be invalid.”
The team at PC Net works with businesses on IT assistance, helping to provide solutions in protecting computer systems and safeguarding from attack and Katy is offering her help to businesses on the park who are currently paying for cyber insurance, or thinking about signing up.
“All businesses on the park can send me the small print of their insurance policies and I can read through and see what levels of security are required by the terms – and advise the business on what needs to be in place,” Katy adds.
“There are simple measures that should be taken against attack, things like well-selected passwords, installing internet security hardware and software and setting up rules within operating systems.”
If your business has cyber insurance and you would like Katy to look over the terms and ensure you are reaching the level of security required in order for any claim to be valid, contact her direct on [email protected] or call 01743 290588.
Alternatively, just pop into Mercury House and have a chat.