If you think your business is immune to cyber criminals or hackers, then think again. In the last few years, UK businesses of all sectors and sizes have seen cyber-attacks and privacy threats increase tremendously. According to Government data, published in March 2021, four in ten businesses (39%) and a quarter of charities (26%) report having cyber security breaches or attacks in the last 12 months.
With the construction world becoming increasingly digital and contributing heavily to the UK’s gross domestic product (GDP), this is one attractive industry that needs protecting – and that’s where cyber insurance could come in handy.
Here are 4 reasons why it is worth investing in a cyber liability insurance policy for your business:
- Small or big business – you are a target
If you think you are unlikely to be targeted due to your business being small, you'd sadly be mistaken. In fact, small and medium businesses are more likely to be affected, due to hackers expecting the lowest protection. One small business in the UK is successfully hacked every 19 seconds, according to Hiscox. Around 65,000 attempts to hack small- to medium-sized businesses (SMBs) occur in the UK every day, and around 4,500 of those are successful. That equates to around 1.6 million of the 5.7 million SMBs in the UK per year.
- Protects your computers
As obvious as it seems, computers are generally used in all businesses. Staff in construction rely on their computers to not only advertise their company, but to also communicate with clients and contractors. Day-to-day operations can be hugely affected and potentially all data lost. All businesses are at risk, no matter the size.
- Customer trust
Construction businesses rely heavily on client relationships, and with businesses having a legal obligation to ensure customer and client’s data, it is essential that they know how much they are valued and protected. Hacking has the potential to steal confidential information and create a monumental impact to a business and its reputation. If customers are assured that their information is protected, your businesses’ reputation will be high, with customers realising you are taking the extra precautions to enable their safety.
- Saving money if something does go wrong
If you ultimately do fall victim to a cybercrime, the cost of repair can be vast. It could potentially damage your business in the future, therefore insurance cover is a worthy investment. Losing data will not only potentially lose you customers, but the cost of business interruption, insurance increase, privacy fines and legal expenses, will ultimately be huge. It is extremely likely your business could not financially survive a cyber- attack.
Looking at all these reasons and more, it is clear that taking out cyber insurance will benefit your business immensely. With the internet and technology developing, it is important to stay on top of the trends and fight the increasing number of cyber- crimes.