Chemical manufacturers now enjoying peace of mind for their cyber security
According to the Cyber Security Breaches Survey, 2021 carried out annually by the UK Government, in the last 12 months cyber breaches affected 4 out of 10 businesses, with around 1 in 4 experiencing breaches at least once a week.
From a financial perspective, the average cost of all cybersecurity breaches in the past 12 months has been estimated to reach £100,000.
This is something a chemical manufacturer with over 50 employees working remotely was becoming increasingly aware of. The management team was concerned about the risks of increasing cyber-attacks with the new remote working environment they found themselves in and wanted to reduce the threat to the business as much as possible. They analysed their operations and highlighted that, if they were to suffer a cyber-attack, their manufacturing could continue but their sales and operations departments would be impacted.
Our team of experts took the time to understand the business, how it operates and create a cyber insurance policy that would cover three main elements:
- Business Interruption – this would protect the client from loss of revenue if they had a cyber incident
- Crime – this would protect the client from cybercrime such as social engineering or theft of funds
- Liability – providing protection from any loss of data and/or if they inadvertently passed on a virus to their customers
It has been very rewarding to assist this manufacturing client with their cybersecurity insurance. In the past, they have always had protections in place for their people, location and products. Now they can also enjoy peace of mind for their digital operations, knowing that they are fully protected against cyber incidents. Should one occur they know they will be either compensated for the loss or assisted in putting the business back to full operations in a short space of time?
Wondering what cyber insurance is?
Cyber insurance is engineered to protect your business from threats in this digital age we find ourselves in. A business is responsible for its own cybersecurity, but in the event of a cyber attack having the right insurance will mean you have support in place to help you get back to business. It will provide crucial support to help your business stay operating.
If you’re looking to stay up to date on all things cyber. Check out our ULTIMATE GUIDE to cyber insurance.