Riskworks Business Services are committed to ensuring that your business is protected against the growing cyber threat, by bringing awareness to the risks you face and the easy solutions that can keep your business from becoming a victim. Our commitment is such, that we have expanded our business to bring to you a new specialised team of cyber insurance experts ready to provide you with comprehensive and affordable cyber insurance solutions.
Approximately 60% of Small to Medium Enterprises that suffer a cyber-attack for which they are not insured, will go out of business in the 6 months following an attack. Having your business hacked or criminally exploited, is increasingly becoming a norm and we have sadly moved into an age where being hacked is a matter of ‘when’ and not ‘if’.
In the News
The latest news on the dangers of Cybercrime:
A third of companies offer no cyber security training – 4 May 2023
The five most dangerous new cyber attack techniques – 3 May 2023
Three-quarters of firms predict breach in the coming year – 3 May 2023
Understanding your Risks
What is covered?
Data Breach Claim Examples
Impacts on your business
Government statistics reveal that half of UK businesses suffered a cyber security breach or attack in the last 12 months, rising to two thirds among medium to large sized businesses.
The ‘Cyber Security Breaches Survey 2017’ states:
• 7 out of 10 businesses have identified a breach on some level.
• Most common attacks are fraudulent emails closely followed by viruses, spyware and malware.
• A further quarter suffered temporary file loss, whilst one fifth had software or systems corrupted.
• 1 in 10 lost access to third party systems they rely on
• 1 in 10 had websites taken down or significantly slowed down
The most successful cyber attacks are not that sophisticated but can cause serious commercial damage. If you work hard to get the basics right as a business of any size you can help protect your reputation, finances and operating capabilities considerably.
Cyber and Data Risk Insurance – What is covered?
Internet and network exposures are usually excluded from traditional insurance policies. Riskworks, however. works with leading cyber risk insurers to develop cyber risk insurance protection including:
• Liability, privacy and confidentiality
• Telephone and mobile hacking
• Copyright trademark defamation
• Malicious code and viruses
• Business interruption and computer failure
• Attacks, unauthorised access, theft, website defacement and cyber extortion
• Liability, privacy and confidentiality
• Technology errors and admissions
• Intellectual property infringement
• Consequential reputational harm
The potential losses fall into two categories:
FIRST PARTY (OWN LOSS) EXPOSURE
This emanates from a network interruption to a company’s own computer system which causes them a business interruption loss. Losses could include the loss of revenue, profits, increased cost of working, the costs of repairing or restoring computer systems and the cost of retrieving or restoring computer records. There is also the potential loss from consequential reputational harm.
THIRD PARTY
EXPOSURE
This is the liability an organisation has to a third party as a result of the information contained within the website or any sensitive, personal or confidential information that could be contained within their systems ie: credit card details. Companies have an obligation to protect such information and in the event of this being released or misused could face civil, legal or regulatory action. Third party claims against businesses often come from parties completely unknown to them and can have a dramatic and unexpected impact on trading.
What makes us experts in the cyber market
Internet and network exposures are usually excluded from traditional insurance policies. Riskworks, however, works with leading cyber risk insurers to develop cyber risk insurance protection including:
• Liability, privacy and confidentiality
• Telephone and mobile hacking
• Copyright trademark and defamation
• Malicious code and viruses
• Business interruption and computer failure
• Attacks, unauthorised access, theft, website defacement and cyber extortion
• Technology errors and admissions
• Intellectual property infringement
• Consequential reputational harm