Cyber insurance is a subject matter that is gaining recognition globally, especially with the huge expansion in “homeworkers” during COVID-19 opening up systems and access points to “hackers”. This and the introduction of General Data Protection Regulations (GDPR) have meant the risks to your business and the data you hold have increased significantly. 

Insurers observed a spike in phishing attacks, malspams and ransomware attacks as attackers were using COVID-19 as bait to impersonate brands thereby misleading employees and customers. This  resulted in more infected personal computers and phones. Not only were businesses being targeted, end-users who downloaded COVID-19 related applications were also being tricked into downloading ransomware disguised as legitimate applications. Therefore having the right cover in place to ensure that your business can recover should you have an issue are imperative.

Any company which uses the internet is vulnerable to dangers including deliberate attacks by thieves and data losses caused by human error and the ABI believes cyber cover should be the norm by 2025.