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Is it worth taking the gamble, and thinking “cybercrime won’t happen to me”?

The modern internet is a dangerous place for businesses. Some businesses take cyber security very seriously and invest in layers of protection from the threats of cyber-criminals. Other businesses don’t take it quite so seriously and believe that the risk of a serious problem that will cause disruption is low. There are also businesses who simply believe that their business is too small to be a target for serious and disruptive cybercrime.

The most interesting thing is that all the above can benefit from a cyber liability insurance policy. Why? Because no matter how good the precautions, the risk is only ever reduced, not removed.

Cyber liability insurance is designed to protect businesses from the costs related to Internet-based risks and, more generally speaking, risks relating to IT activities and hardware. The policy covers your direct losses (e.g. the cost of repairing, replacing or restoring systems, data or websites following an attack) or the compensation you must pay to a third party (e.g. if you’re sued for the unauthorised collection of customers’ data).

So, do you need Cyber liability insurance? If your business has a website, uses email, has a high level of automation or stores customer data in electronic form then we’d say yes, you probably do. The costs relating to businesses when it comes to repairing damage to systems, or worse compensating data loss caused by cyber-attack can be significant.

So what next? soVision IT has partnered with Mark Richard Insurance to provide customers with Cyber Liability Insurance cover. To help decide on the correct policy, and to show where improvements can be made to network security, soVision IT will help you analyse your needs and make the right cover decisions to protect your operations from unnecessary risk.

The cyber risk exposure calculator will help you to understand your risk areas and can help with cover assessments. Begin by answering the questions below. Each response will be given a numerical value depending on the answer. After completing all of the questions, enter your email address and we'll send you your score which shows your organisation's level of cyber risk.

CALCULATE YOUR CYBER RISK EXPOSURE NOW

Exposure Yes No Unsure
1. Does your organisation have a wireless network, or do employees or customers access your internal systems from remote locations?
2. Does anyone in your organisation take company-owned mobile devices (e.g. laptops, smartphones and USB drives) with them, either home or when travelling?
3. Does your organisation use Cloud-based software or storage?
4. Does your organisation have a 'bring your own device' (BYOD) policy that allows employees to use personal devices for business use or on a company network?
5. Are any employees allowed access to administrative privileges on your network or computers?
6. Does your organisation have critical operational systems connected to a public network?
7. Does anyone in your organisation use computers to access bank accounts or initiate money transfers?
8. Does your organisation store sensitive information (eg, financial reports, trade secrets, intellectual property and product designs) that could potentially compromise your organisation if stolen?
9. Does your organisation digitally store sensitive employees' or customers' sensitive information? This can include government-issued ID numbers and financial information.
10. Is your organisation part of a supply chain, or do you have supply chain partners?
11. Does your organisation conduct business in foreign countries, either physically or online?
12. Has your organisation ever failed to enforce policies around the acceptable use of computers, email, the Internet, etc?
13. Can the general public access your organisation's building without the use of an ID card?
14. Is network security training for employees optional at your organisation?
15. Can employees use their computers or company-issued devices indefinitely without updating passwords?
16. Has your IT department ever failed to install antivirus software or perform regular vulnerability checks?
17. Can employees dispose of sensitive information in unsecured bins?
18. Would your organisation lose critical information in the event of a system failure or other network disaster?
19. Can employees easily see what co-workers are doing on their computers?
20. Has your organisation neglected to review its data security or cyber security policies and procedures within the last year?




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soVision IT Ltd, Avon House, Avon Mill Lane, Keynsham, Bristol BS31 2UG. soVision IT Ltd is a Company registered in England No 10714018