Author: Kat Heubeck
Insurance is an important part of any business, and in an increasingly digital workplace, Cyber Protection is a crucial, if sometimes underappreciated insurance cover, especially for small businesses who are often seen as ‘easier targets’ by malicious parties.
According to BIBA, in 2016 400 cyber claims were made, this figure rose in 2017 to 734 claims (averaging 2 daily) and current predictions for 2018 could see that number double.
75% of all Cyber Claims are made up of;
Fortunately, FSB provides a basic policy as part of its Business Essentials membership, so it’s included within your annual fees, and you also have the option of ‘upgrading’ to FSB Insurance Service’s ‘standalone’ cover which offers increased limits and extensions. As the providers of FSB Insurance Service, we have put together an easy to understand guide to Cyber Insurance and Protection for FSB Members.
The guide will include; an overview of why cyber protection is important, standard definitions of commonly used terms, side by side comparisons of the two FSB-exclusive insurance products and real-life examples of claims made by companies who have suffered a cyber-attack or leak.
In this guide, we will talk about what exactly is included in Cyber Protection policies, and some useful tips on how you might be able to reduce your premium.
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