The introduction of the General Data Protection Regulation (GDPR), on May 25th 2018, increases a company’s obligations to manage its cyber related risks. It has become evident that cyber related risks are costing companies considerable amounts of money and are damaging reputations.
According to a recent major survey, by the Irish Computer Society [ICS], of IT administrators in 256 Irish based companies;
- More than 50% experienced a breach of data in the last 12 months, with 22% reporting they had suffered multiple breaches.
- 51% of those surveyed reported a data breach in the past year, which represents an increase of 8% on the previous year.
- Additionally, one in three staff, of the 256 companies surveyed, reported that they were not sufficiently aware of data protection issues with some 40% of IT staff stating they had received “insufficient” or “no” data protection training.
Claims under a Cyber Risk Policy can arise from sources such as:
- Unauthorised access to or disclosure of information.
- Infringement of intellectual property, trademark and copyright.
- Legal actions alleging libel, slander, defamation and invasion of privacy.
- Legal actions alleging system security failures.
- Impaired access from your platform being unavailable to customers.
Following a cyber related incident, such as any of those listed above, legal liabilities to third parties and a company’s own costs to rectify the problem and preserve brand reputation can be significant. Increasingly, small and medium size companies are being targeted and many do not have the capacity or financial resources to deal with such incidents effectively or to mitigate their exposures.
Glennon are in a position to arrange Cyber Risk Insurance, at a competitive premium level, to protect your business against the considerable risks posed by cyber related incidents and to limit the impact of potentially larger fines and penalties for breaches under the GDPR.
Cover can be tailored to your needs and some of the benefits of a Cyber Risk Policy will typically include:
- First party costs.
- Third party liability.
- Business interruption.
- Crisis management and related costs.
- Fines and penalties.
Glennon have been providing advice to businesses for over 70 years and can help you to identify and put in place the appropriate cover to meet your needs.
Talk to the Glennon team today about Cyber Risk Insurance.
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