Business today thrives on the gathering and use of data, digital communication and electronic exchange. The hardware systems we rely on have evolved from basic local systems in the 1980s to the sophisticated web servers of today. CPU speeds are doubling every 18 months. Data growth is forcing ever more complex developments in IT infrastructure.
The advance of cyber commerce is unstoppable. Unfortunately, the advance of cyber commerce means the potential consequences of cyber risk are advancing too. Danger comes from human error and machine failure as well as from malicious or criminal interference. If you hold sensitive customer information, rely on the internet to conduct business or regularly process digital payments, then you will be in the firing line.
Essential peace of mind
Cyber insurance is every bit as important as property, public liability, professional indemnity or credit risk insurance. In fact, it is even more crucial because it interfaces with every area of your business. Events that might give rise to a claim under any of these traditional insurances will very often have a cyber element.