The GDPR, Week #8: Prepare, Protect – and Insure
As you know, by now, this weekly series of brief, specific pieces of guidance around preparing for the GDPR and new Data Protection Act is primarily focused on organisations’ customer acquisition, retention and service activities.
But that doesn’t mean there aren’t lots of other things to focus on. An accidental or malicious data loss through a cyber breach could be extremely damaging – even ruinous – both financially and in terms of reputational damage.
As you know, by now, this weekly series of brief, specific pieces of guidance around preparing for the GDPR and new Data Protection Act is primarily focused on organisations’ customer acquisition, retention and service activities.
But that doesn’t mean there aren’t lots of other things to focus on. An accidental or malicious data loss through a cyber breach could be extremely damaging – even ruinous – both financially and in terms of reputational damage.
Ensuring you have the right cyber insurance cover in place is more demanding than just ticking a box on your business insurance renewal. Aspire Insurance Services (www.aspireinsure.co.uk) are that rare thing, a specialist cyber insurance broker. We’ve been talking to Aspire’s MD, Tristan Webb to get some tips. Here are 3 key things he’s told us:
1. Cyber insurance is no longer the preserve of large corporates – all commercial organisations are at risk if they use computer systems
2. Online theft by deception or social engineering (different insurers call it different things) is often not a standard extension on a Cyber insurance policy, so even when a client has purchased cyber insurance this growing risk area is not necessarily covered
3. Good research and advice prior to purchasing cyber insurance is paramount – you can’t simply rely on purchasing a product because the title looks right! Also, the right advice may mean you can manage your cyber exposure by changing your IT procedures rather than spend more money on insurance
(You can find out more at www.aspireinsure.co.uk/products/cyber-insurance.php)
