Like many other professions, accountants are increasingly reliant on technology to conduct their business, often holding large amounts of sensitive client data on computers or in the cloud.
The downside of this convenience is that it makes you a prime target for cyber-attacks or data breaches, which can in turn lead to loss of income, reputational damage, legal and regulatory costs and interruption to your business.
Cyber and data liability insurance protects you in the aftermath of an attack, so you can get back to business as usual.
What are the risks?
Businesses with IT systems are vulnerable to all kinds of risks. Here is a selection of the most commonly reported ones:
Malware attack – hostile or intrusive software that causes damage to your systems. Malware includes viruses, worms, Trojan horses, ransomware, spyware and other malicious programs.
Disgruntled employee – a current or former employee with administrative access to your firm's systems could compromise them.
Virus transmission – if you unintentionally download a virus, this could damage, modify or destroy your data.
Loss of sensitive data – allowing unauthorised access to systems can result in the loss, even destruction, of your sensitive data.
Human error – the involvement of human error in cyber breaches is a factor in more than half of cyber incidents. It could be as simple as an employee clicking on an email they shouldn't have.
Cyber policies provide insurance on a 'claims made' basis, including cover for first and third-party losses.
We can arrange broad cover including:
Practical support in the event of a data breach, including forensic investigations to identify what went wrong and whose data has been put at risk. We also provide support and legal advice on notifying clients and regulators and can introduce you to post incident public relations support.
Compensation for loss of income should a hacker target your business and prevent you from carrying out your usual business activities.
Payment of costs associated with regulatory investigations should you breach GDPR regulations and fail to keep your client data secure.
Reimbursement for the cost of repair, restoration or replacement if a hacker causes damage to your websites, programs or electronic data.
Liability protection if you mistakenly infringe someone's copyright with inadvertent use of another firm's logo or libel of a third party in an electronic communication.
Cyber extortion protection, should you receive a ransom demand from a hacker who has hijacked your computer system