Cyber Crime is now a more frequent event than burglary and traditional break-in thefts. The definition of Cyber Crime can vary, but will often involve deception, the obtaining of data from computers or smart-phones and the taking of money by electronic means.
A traditional Insurance programme will insure against “Theft”, but the definition of this does not include Cyber events. This outdated description means that in order to make a claim, you will typically require to have suffered a physical break-in, or “Forcible or Violent Entry or Exit” from your premises.
As the years pass, the number of thefts from businesses which fit these parameters has reduced dramatically, and the drop is likely to continue.
At the same time, the increasing risk of deception theft, data theft, insider theft and other emerging crimes is a significant challenge for businesses and charities throughout the country. These events are now far more likely to impact your business severely than a burglary break-in.
From news reports, it is clear that stories of hackers, data leaks, and exploitative fraud tactics arise with alarming regularity. Small businesses are also at risk and are less likely to be protected by insurance.
Although generally not covered by traditional packages or commercial combined insurance policies, there are solutions and premiums for small businesses – which can start from as little as £50 per month.
For more information or for a specific quote for your requirements, please contact us.
