September 10, 2021
Poly Network. McDonald’s. The Colonial Pipeline. Redcar & Cleveland Borough Council.
Each one different yet the same; during the last 18 months, they have all fallen victim to cybercriminals.
And what their respective plights show – Poly Network lost £430 million, McDonald’s had South Asian customer details hacked, the US Colonial Pipeline was temporarily halted, and the council hit by an estimated £10 million bill following a systems attack – is that cybercriminals can target anyone, regardless of size or geography.
Don’t be fooled into thinking cybercrime is the curse of large corporations.
Furthermore, as the trend for home working weakens security, it is estimated that the existing £27 billion-plus cost of cybercrime on the UK economy is only going to increase.
Comprehensive data protection, therefore, has never been more important.
And in such an environment, where operations cover not just internet and email use but data-driven production and employee systems, organisations need trusted, industry-recognised advice and support.
One company providing that is Team Valley-based Chartered independent insurance broker Todd & Cue.
It works with a range of clients to secure them high quality, affordable cyber liability insurance that provides expert, 24/7 IT and legal support across a raft of specialist and dedicated policies.
“The reality is that every business has some form of data, be it employee, customer or supplier details,” says director Julie Rea.
“Data is typically an organisation’s most valuable asset,
but it is possibly the most exposed risk too – and this is
where the insurance market comes in.
“We can sometimes think of insurers as simply providing a piece of paper that will pay out in the event of a loss once the dust has settled, but good quality cyber policies go a lot further than that.”
Taking time to fully understand clients’ requirements, Julie adds Todd & Cue collaborates with industry-leading insurers to guarantee each customer receives the cover that best suits their needs.
“We work closely with insurer partners that have a proven, strong record in this area,” says Julie.
“Typically, they include a 24-hour, 365-day helpline number that puts those insured in direct contact with forensic IT and legal specialists who deal with these events daily.
“When involved at the very early stages of its discovery, it gives a business the best chance of containing the event and reducing its impact in terms of costs through lost revenue and arguably more importantly damage to reputation.”
Julie adds: “They also manage the reporting, administration and legal costs involved with obligations under General Data Protection Regulation, including data subject management, which can include credit and ID monitoring.
“How you respond to an incident can make the difference to any potential fines or recommendations issued by the Information Commissioner’s Office.”
“Ultimately, we put clients in a position where they can make informed decisions about their cyber exposure and find the very best solutions.”