It’s important for businesses to know which risk transfer solutions are relevant and available. BMS’ experts, supported by sophisticated software, can assess a firm’s exposure, quantify the likely financial impact and place a broad insurance coverage to respond when such an event occurs.
Recorded incidents are rising at an unprecedented rate and pose a genuine and significant threat both to business and our wider society. High profile security breaches are rarely out of the headlines; the nature and complexity of the risks are always changing. The various perils of hacktivism, extortion and employee negligence and the move to outsource critical business functions to third parties in the cloud are all contributing to a sharp rise in cyber claim activity.
Cyber insurance can be more accurately described as privacy and data security liability insurance. It’s designed to address the financial implications your organisation may suffer resulting from a security breach affecting sensitive data held by you or by an outsourced provider you have engaged.
This may stem from an attack on your network, a large scale system failure or simply a lost company laptop. Today’s products are broad in scope and offer a multitude of related coverages under one blended policy, which can be tailored to your organisation’s needs.
By knowing the right questions to ask, we gain a deeper understanding of your business, enabling us to provide comprehensive guidance and solutions.
“As technology becomes embedded in almost every facet of modern-day life, privacy and network security risks have become one of the predominant risks for both governments and boardrooms around the globe. Whilst the staggering growth in smartphone usage, cloud services and other mobile and internet connected devices has made many aspects of modern life and business both swifter and easier, the opportunities for criminals have never been greater.” James Gordon, Managing Director