{"id":23413,"date":"2024-07-03T12:59:11","date_gmt":"2024-07-03T11:59:11","guid":{"rendered":"https:\/\/www.policybee.co.uk\/blog\/?p=23413"},"modified":"2025-10-14T14:40:37","modified_gmt":"2025-10-14T13:40:37","slug":"who-needs-cyber-insurance-1","status":"publish","type":"post","link":"https:\/\/www.policybee.co.uk\/blog\/who-needs-cyber-insurance-1","title":{"rendered":"Who needs cyber insurance?"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"300\" src=\"https:\/\/www.policybee.co.uk\/blog\/wp-content\/uploads\/2023\/05\/cyber-who-needs-cyber-insurance-istock.png\" alt=\"Who needs cyber insurance? Hacker stealing passwords.\" class=\"wp-image-23365\" style=\"width:300px;height:150px\" srcset=\"https:\/\/www.policybee.co.uk\/blog\/wp-content\/uploads\/2023\/05\/cyber-who-needs-cyber-insurance-istock.png 600w, https:\/\/www.policybee.co.uk\/blog\/wp-content\/uploads\/2023\/05\/cyber-who-needs-cyber-insurance-istock-300x150.png 300w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/figure>\n<\/div>\n\n\n<p>The digital world can be a pretty scary place. Cyber threats are hiding around every virtual corner, just waiting to catch you out.<\/p>\n\n\n\n<p>And, unfortunately, businesses are the number one target. According to the 2024 Cyber Security Breaches Survey, <a href=\"https:\/\/www.gov.uk\/government\/statistics\/cyber-security-breaches-survey-2024\/cyber-security-breaches-survey-2024\" target=\"_blank\" rel=\"noreferrer noopener\">50% of businesses and 32% of charities<\/a> in the UK have experienced security breaches or attacks. <\/p>\n\n\n\n<p>The stats are even higher for medium businesses (70%), large businesses (74%), and high-income charities (66%). They\u2019re some pretty high odds.<\/p>\n\n\n\n<p>So, the reality is, if you\u2019re a business owner and you trade online, store data, or even just use email, you probably need cyber insurance.<\/p>\n\n\n\n<p>At a total estimated cost of <a href=\"https:\/\/www.twenty-four.it\/services\/cyber-security-services\/cyber-crime-prevention\/cybercrime-statistics-uk\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u00a327bn<\/a>, UK businesses take the brunt when it comes to cyber-attacks. The average annual cost per victim is estimated to be around <a href=\"https:\/\/www.madeinbritain.org\/news\/uk-small-businesses-hit-hardest-by-cyber-attacks\" target=\"_blank\" rel=\"noreferrer noopener\">\u00a321,000<\/a>.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>What is cybercrime?<\/strong><\/h2>\n\n\n\n<p>To understand who needs cyber insurance, you probably need to understand what it\u2019s for. And what protection it offers.<\/p>\n\n\n\n<p>You might think of cybercrime as this dark, mysterious underworld. A few pasty nerds hidden in basements with all their gadgets, like in the movies. But the truth is, small-time cybercriminals are everywhere, rubbing shoulders with the rest of us. And cyber-attacks affect thousands of businesses, big and small, every day.<\/p>\n\n\n\n<p>The government believe there were about <a href=\"https:\/\/www.gov.uk\/government\/statistics\/cyber-security-breaches-survey-2024\/cyber-security-breaches-survey-2024#chapter-6-cyber-crime\" target=\"_blank\" rel=\"noreferrer noopener\">7.78m<\/a> instances of cybercrime and roughly 96,000 instances of fraud as a result of cybercrime within UK businesses in 2023.<\/p>\n\n\n\n<p>Since the pandemic, our lives and businesses have become even more reliant on tech. And while there are advantages for us, it means there\u2019s a lot more opportunity for cybercriminals.<\/p>\n\n\n\n<p>Unlike the movies, they don\u2019t need to be super-smart. More often than not, it\u2019s the simplest of dirty tricks that catch us off guard\u2026<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Social engineering<\/strong><\/h2>\n\n\n\n<p>Heard of <a href=\"https:\/\/www.policybee.co.uk\/blog\/a-guide-to-social-engineering-insurance\" target=\"_blank\" rel=\"noreferrer noopener\">social engineering<\/a>? Even if you haven&#8217;t, you\u2019ll almost certainly have come across it.<\/p>\n\n\n\n<p>Social engineering is when cybercrims play on our emotions to reel us in. If we fall for it, we quite literally put money straight into their pockets. <\/p>\n\n\n\n<p>Ever had a dodgy text from a daughter you didn\u2019t know you had? Received an email from a long-lost relative offering you money? That\u2019s social engineering. <\/p>\n\n\n\n<p>But cybercriminals have got a lot better at it. Social engineering attacks are becoming more and more convincing. And more and more businesses are falling for them.<\/p>\n\n\n\n<p>Imagine you run an online retail business. It\u2019s a quiet morning, so you go to the local caf\u00e9 to send a few emails. Public Wi-Fi networks have very little security, so it\u2019s easy for a hacker to take advantage. While you\u2019re busy nattering, sipping on a hazelnut latte, the hacker is delving into your emails and taking all your suppliers\u2019 details.<\/p>\n\n\n\n<p>A few days later, you receive an invoice from a recognised supplier. You happily settle up, paying into the account on the invoice. But, of course, it isn\u2019t your supplier at all. You\u2019ve just paid straight into a criminal\u2019s bank account, completely unawares.<\/p>\n\n\n\n<p>And it&#8217;s not just social engineering you need to worry about. There&#8217;s <a href=\"https:\/\/www.policybee.co.uk\/blog\/cyber-security-definitions-what-means-what\" target=\"_blank\" rel=\"noreferrer noopener\">ransomware<\/a> and a whole smorgasbord of other cyber threats. &nbsp;<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Why do I need cyber insurance?<\/strong><\/h2>\n\n\n\n<p>So, you run a small business or charity. Why would anyone want to attack little old you? We\u2019ll tell you why. Because cybercriminals don&#8217;t discriminate. They&#8217;ll take what they can get.<\/p>\n\n\n\n<p>Small businesses and charities are often easy targets because they don\u2019t usually have the same level of security as larger companies. So don&#8217;t think you&#8217;re safe just because you&#8217;re not in the big league.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.policybee.co.uk\/blog\/cyber-insurance-virtual-assistants\" target=\"_blank\" rel=\"noreferrer noopener\">Virtual assistants<\/a>, marketing and media agencies, consultants, online retailers, IT companies, accountants\u2026the list of businesses that are vulnerable to cybercrime is long.&nbsp;<\/p>\n\n\n\n<p>Do you deal with suppliers, do online customer transactions, or hold customers\u2019 or clients\u2019 personal data? If the answer\u2019s &#8216;yes&#8217;, you need cyber insurance. And make sure you and your staff are swotted up on <a href=\"https:\/\/www.cybsafe.com\/blog\/7-reasons-why-security-awareness-training-is-important\/\" target=\"_blank\" rel=\"noreferrer noopener\">cybersecurity<\/a> too.<\/p>\n\n\n\n<p>Whether you\u2019re big or small, your reputation can be tarnished by cybercrime. It puts your name in the spotlight for all the wrong reasons. It can highlight weaknesses in your business and cause customers or clients to lose trust.<\/p>\n\n\n\n<p>You might think of yourself as a cybersecurity expert. But even your super-duper firewall and premium antivirus software can let you down. Crafty cybercriminals are always finding new ways to get into our digital hideouts.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>What does cyber insurance cover me for?<\/strong><\/h2>\n\n\n\n<p>Cyber insurance is there to help you deal with the fallout of cybercrime. You\u2019ll have a team of digital and legal superheroes swoop in to contain the crisis. They\u2019ll try to retrieve stolen data, repair any holes in your security, defend your reputation, and even cough up for legal expenses if things get ugly. All while making sure you don\u2019t end up out of pocket.<\/p>\n\n\n\n<p>Human error is the most common cause of security breaches. So it\u2019s important staff are aware of the part they play in your cybersecurity efforts. Even so, our security measures can and do fail. Getting cyber insurance is a way to back up those efforts.<\/p>\n\n\n\n<p>So, when you look for a cyber insurance policy, make sure it covers you for social engineering attacks. You might be tempted by the cheaper policies, but the truth is you get what you pay for. The cost of cyber insurance has gone up in recent years, but that\u2019s because the threat has increased. Unless you\u2019re covered for social engineering, the policy probably isn\u2019t worth buying.<\/p>\n\n\n\n<p>Lots of insurance companies will also offer free or discounted access to cybersecurity training programs. Which is worth its weight in bitcoins.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Let\u2019s get real<\/strong><\/h2>\n\n\n\n<p>You might not think your business is a likely target, but you\u2019re right to think it could be an easy one.<\/p>\n\n\n\n<p>Really, it doesn\u2019t matter how large or small your business is. Raided databases or hacked websites take time and money to fix. The business cost of seeing to the immediate problem and dealing with the consequences isn\u2019t to be taken lightly.<\/p>\n\n\n\n<p>But you don\u2019t have to be the weak link.&nbsp;<a href=\"https:\/\/www.policybee.co.uk\/cyber-insurance\" target=\"_blank\" rel=\"noreferrer noopener\">Cyber insurance&nbsp;policies<\/a>&nbsp;help get you back on your feet following a cyber-attack.<\/p>\n\n\n\n<p>So to summarise \u2013 who needs cyber insurance?<\/p>\n\n\n\n<p>Everyone. But especially you.<\/p>\n\n\n\n<p>Read more about&nbsp;<a href=\"https:\/\/www.policybee.co.uk\/blog\/what-is-cyber-insurance-and-what-does-it-cover\" target=\"_blank\" rel=\"noreferrer noopener\">what cyber insurance is and what it covers<\/a>. Or call <strong>0345 222 5391<\/strong> to speak to a friendly expert. <\/p>\n\n\n\n<p><em>Image used under license from istock.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The digital world can be a pretty scary place. Cyber threats are hiding around every virtual corner, just waiting to catch you out. And, unfortunately, businesses are the number one target. According to the 2024 Cyber Security Breaches Survey, 50% &hellip; <a href=\"https:\/\/www.policybee.co.uk\/blog\/who-needs-cyber-insurance-1\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":10,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[288],"tags":[142,205,300,158,161,150,98,226],"class_list":["post-23413","post","type-post","status-publish","format-standard","hentry","category-cyber-insurance","tag-accountants","tag-business-and-management-consultants","tag-cyber-insurance-2","tag-cyber-insurance","tag-it-contractors","tag-managing-risk","tag-marketing-2","tag-virtual-assistants"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\r\n<title>Who needs cyber insurance?<\/title>\r\n<meta name=\"description\" content=\"Want to find out who needs cyber insurance, what it does, and why you need it? 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