Does your business insurance protect your property firm from cybercrime?

With figures confirming that cybercrime is the fastest growing crime in the UK, the Government has announced new measures to help arm businesses with tackling this increasing threat to their companies.

Some of the UK’s most senior business leaders are to be given specialist guidance on how to protect their businesses from cyber threats and how to protect valuable assets such as personal data, online services and intellectual property.

The Cyber Security Guidance for Business has been produced by the CESG (the Information Security arm of GCHQ), the Department for Business, Innovation and Skills and the Centre for the Protection of National Infrastructure (CPNI) will help the private sector minimise the risks to company assets. It builds a key aim outlined in the Government’s Cyber Security Strategy to work hand in hand with industry and make the UK one of the most secure places in the world to do online business.

The guidance consists of three products and includes information on risk management and corporate governance, as well as anonymous case studies based on real events.

Business Secretary Vince Cable said: “Cyber security threats pose a real and significant risk to UK business by targeting valuable assets such as data and intellectual property. By properly protecting themselves against attacks companies are protecting their bottom line.

“Ensuring this happens should be the responsibility of any chief executive or chair as part of an approach to good corporate governance which secures a business for the long-term.”

Cybercrime currently costs UK businesses £21billion every year and at least 50% of these attacks are aimed at small and medium-sized businesses.

Commenting on the BIS’s plans, David Hudson, Managing Director of leading Manchester commercial insurance brokers Buckland Harvester, said: “First and foremost, businesses need to ensure they have sufficient security systems and firewalls in place to protect the sensitive information they store on computers and develop a strategy for deterring hackers to avoid being targeted all together.

“Insurance companies are continually developing fresh products which take account of the emerging threats to businesses arising out of e-commerce and internet technology but businesses also need to think carefully about how best to protect their assets should the worst happen. This means seeking out a comprehensive business insurance product which covers them for such a cyber invasion.”

For help protecting your business from cybercrime, contact Buckland Harvester at