“There are only two types of companies: those that have been hacked and those that will be. Even that is merging into one category: those that have been hacked and will be again.” Cyber attacks are coming thick and fast and becoming almost an inevitability for UK business.
Ignorance is no longer bliss. With the new EU Data Protection Regulation being announced at the end of 2016, it is essential that Contact Centers proactively manage their cyber risks.
2015 was the year hacking hit the UK, with major publicised hacks at Carphone Warehouse, Lloyds Bank, TalkTalk, Vodafone, JD Wetherspoon and on New Years Eve the BBC. UK industry in 2016 will be feeling particularly vulnerable.
Shareholders expect management to be prepared for the most recent threats and suitably prepared in the event of an attack. By putting in place a cyber insurance programme, a business can be on the front foot in the event an incident occurs.
SUMMARY OF A CYBER INSURANCE POLICY:
Source – Financial Lines Department, Elmore Insurance Brokers Limited
THE RISK OF GOING UNINSURED
Elmore research has found many Call Centres are running a great deal of cyber risk on their balance sheets. By effecting suitable cyber risk management, such as a robust cyber security framework, including penetration testing and effective threat detection through multi-layer monitoring, as well as suitable testing of incident response plans many cyber attacks can be stemmed from an early stage. An incident response plan, which considers not just business continuity and disaster recovery, but also easy to implement steps and pre-contracted responders, can make the difference between a disastrous impact to reputation and a positive outcome for the entity in question.
Elmore Insurance Brokers Limited advises its clients to actively manage risk to manage down premiums. Insurance is a partnership between businesses and insurers. This partnership can be significantly enhanced by focused engagement to understand and implement information security risk management best practice, which includes cyber insurance.
Written by Simon Gilbert, Managing Director, Elmore Insurance Brokers Limited, www.elmorebrokers.com.