The ICO can issue fines for businesses breaching the Data Protection Act. Any business collecting personal data is responsible for the safe storage and disposal of this data, and for ensuring adequate security measures are in place to prevent or contain a serious data breach. A data breach can be a result of cybercrime or professional negligence. Over the last few years, we have seen an increase in cyberattacks against companies of all types, amplified by the shift to remote working. While businesses can build up their resilience to threats and data breaches, by investing in cybersecurity and educating staff on good remote-working, cyber and data hygiene practices, some businesses systems will still, unfortunately, be breached. Some data breaches can also be a result of end-of-life equipment or storage not being wiped or disposed of correctly. Businesses, particularly at risk, include those heavily reliant on IT systems and websites, those that hold sensitive, confidential or personal information or if you process or hold payment card and banking information
Very few insurance brokers understand the industry as well as we do. For over a decade we have specialised in insuring and advising finance, technology and media companies about their risk. As specialists in IT and tech insurance, we understand the risks of cyberattacks and what you need to support and protect your business in case of a data breach or an attack by malware or hackers. Working closely with insurers, and insuring all businesses types from self-employed to high-value FTSE companies and Family Offices, we offer insurance packages with comprehensive protection not available anywhere else.