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Cyber Liability Attacks

Cyber attacks against UK businesses are at an all time high according to Jonathan Evans, director general of MI5.

In a recent speech he said that UK government and businesses are being “Exploited Aggressively” by thousands of hackers based at home and abroad. Apparently 40 % of cyber attacks in 2010 were directed at small and medium sized business.

Add to this the 36 % of all data breaches caused by employee negligence and the 68 % rise in cost of dealing with them and this looks like a risk that is real and present.

Hensure Business Insurance has access to insurers who offer a cyber liability extension to their standard financial lines offering.

Some examples of recent claims include :

  • A medium sized mail fulfilment firm who sustained a £ 1,000,000 business interruption loss after a virus attack
  • An employee who stole customer data and sold it to a criminal gang.
  • Theft of a firm’s customer’s credit card details that caused it to be sued by 3 banks for over £ 6,000,000.

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