"Specialist Risk, formerly known as Miles Smith Insurance Solutions, staff are friendly, extremely approachable, responsive and very much work with us, allowing us to get on with the day-to-day running and growth of our business"
Most information, whether it is confidential or not, is now stored and transferred online. This has significantly increased the risks of a business facing a cyber breach or attack and therefore Cyber Insurance is now a vital cover that we recommend for most businesses.
If your business is victim to theft or corruption of valuable data, interruption to key systems or your customers, suppliers or any third party suing for misrepresentation of their data, Cyber Insurance is crucial in the response and management of these incidents.
It is a common misunderstanding that traditional insurance policies will protect most cyber exposures when in fact, it is hugely unlikely that they will. This amplifies the importance of working with an insurance broker who specialises in Cyber Insurance as they will understand the risks that your business is exposed to and can help you manage and mitigate those risks accordingly.
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All businesses face unique risks, so please get in touch with our expert team to ensure your business has the correct cover in place.
Data Breaches: As more consumers are now shopping online, there is more responsibility for businesses to protect their personal information as affected parties could sue your business if there was a data breach
Business and Network Interruption: If a cyber breach or attack prevents you from accessing or operating your systems, you could potentially lose significant potential revenue
Intellectual Property Rights: Posting on your company website, social media or blog opens you up to the same exposures faced by publishers. These include libel, copyright or trademark infringement and defamation
Damage to Third-Party Systems: Your business could be held liable for any damage caused if your employees inadvertently transmitted a virus to a third-party, customer or supplier
System Failure: A natural disaster, malicious activity or fire could all cause physical damages that result in data or code loss
Cyber Extortion: A hacker could hijack your website, network, or stored data, denying access to you or your customers. Often, they will demand money to restore your systems, causing a temporary loss of revenue
CYBER CASE STUDY
Miles Smith, now Specialist Risk Insurance Solutions, was asked by a large nationwide retailer to undertake a thorough review of its insurance provisions to highlight any potential gaps in cover.