So, we’re guessing you’ve probably heard of GDPR, let’s face it – there’s no escape from it. But just in case you haven’t, the General Data Protection Regulation came into force in May this year, replacing the Data Protection Act.
If you hold onto any personal information, then you need to get on board with GDPR to avoid some pretty hefty fines. We think up to £18 million for infringing privacy rights probably counts as hefty.
Storing data digitally is great – it saves paper, speeds up admin, help sales and of course, it’s more secure than that old filing cabinet with the inevitable broken lock; the trouble is that as technology advances, so do the risks that come with it.
In a Cyber Security Breaches Survey, published by the Department for Digital, Culture, Media and Sport in April 2018, it was estimated that 43% of businesses suffered one or more data breaches in the last 12 months and it’s only getting worse as organised crime gets a grip. Let’s face it, we’re all affected.
One of the main threats to your business is ransomware and other malicious software and downtime from loss of important company computer systems. Worse still for your business cred is the possibility of losing employee and customer bank details and other sensitive data; the press is always after a good ‘hard luck’ cyber story!
As if losing this information was not enough, since GDPR, businesses must report personal data breaches, whether you hold this in your own computers or in the ‘cloud’ or outsource processing to others. An investigation by the Information Commissioner could lead to IT investigation, PR and legal costs just to avoid fines, as well as bad publicity and loss of sales; employing consultants and lawyers does not come cheap – it’s definitely a good time to make sure you’re covered for any potential cyber threats or breaches.
But fear not, you don’t need to go back to the days of filing and fountain pens – we’ve teamed up with Towergate, who work with some of the UK’s leading insurers, who will help you to make sure your business is protected when you need it most.
Towergate have a vast range of insurances, so if you would like to find out more, call 0344 346 0886 to speak with Towergate’s team who can tailor make an insurance plan to suit your needs. You can even take their Cyber Security Quiz to assess the risks in your business.
Or, click here to download a copy of Towergate’s Cyber & Crime brochure.