While it might sound like something from a cheap sci-fi film, cyber insurance is quickly becoming a very real consideration for many businesses wanting to protect themselves from loss of data, and digital security exploits.
According to a study undertaken by Spiceworks, since 2015 the number of businesses with an active cyber insurance policy has quadrupled – bringing it to over a third of all businesses interviewed.
What’s covered in a cyber insurance policy? This of course varies depending on your business type, what data you hold, and who your insurance provider is - policies can cover everything from damages resulting from simple data breaches, to financial loss from phishing scams, to damage to reputation.
Many larger businesses will have taken out these policies as additional cover for risks associated with GDPR, however most businesses interviewed took out policies in order to protect against damage or loss of personal data, loss of income, and cyber extortion losses.
With the constant advancement in the sophistication of cyber criminals and scammers, it’s certainly becoming more and more appealing to businesses globally. And with the amounts lost to cyber crime last year in Orkney alone published at close to £350,000, it might be worth considering locally, too.