No, we’re not talking about alien attacks (although a plan might be worth having in case of invasion), we’re of course talking about cyber-attacks.
Because of an increase in cyber-attacks and their severity, Lloyd’s (London’s insurance marketplace) issued a bulletin in July 2019 to address the ambiguity around cyber coverage in insurance policies. As a result of this, it became clear that lots of non-cyber-specific policies were inadvertently exposed to cyber-related losses.
Insurers are now communicating more explicitly about what types of events can trigger a cyber policy, and what losses the policy will pay out for. The implementation of Lloyd’s advice has come under fire though, as some of the new language being rolled out has had the unintended impact of taking away coverage that’s core to Professional Liability.
Following this change, we recommend checking with your own business insurance provider to ensure you’re covered under your policy. We recommend checking with them, because we’ve recently been informed by our own business insurance provider that we’re no longer covered in case of cyber incident, whether the victim is us or our one of customers.
Like with home insurance though, just being covered isn’t enough. You should still lock your doors, install a burglar alarm and keep your valuables in a safe place. It’s the same with your business’ computer systems; you should install an anti-virus software and tighten the network security, preventing intruders.
Fortunately, we can help with that. We work with the best in anti-virus and threat detection, to keep you and your systems safe. We also offer a free IT health-check to ensure your systems are secure and running as smoothly as possible. Our regular threat detection and disaster recovery procedures ensure we’re on top of your systems’ safety, no matter what.
Read more about our IT solutions here.
