As the Needham Group, we were delighted to have Neil Barrett, the Managing Director of KE Computer Services, deliver us an excellent insight into Cyber Insurance.
With over a decade of experience in cybersecurity and IT management, Barrett helps businesses achieve Cyber Essentials certification, a UK government-backed cybersecurity standard. He collaborates closely with insurance experts to discuss the value and scope of cyber insurance in protecting companies from financial losses, reputational damage, and operational interruptions caused by cyber threats.
With technology woven into nearly every business operation, the risk of cyber threats has escalated, making cyber insurance an increasingly crucial safeguard. While having certifications like Cyber Essentials demonstrates a commitment to cybersecurity, it doesn’t offer the financial safety net that dedicated cyber insurance provides. Cyber insurance can help businesses recover losses due to cyberattacks, including ransomware, data breaches, and business email compromise.
Cyber incidents can have substantial consequences. Attacks on email or financial systems might halt operations, causing financial losses, reputational harm, and potential legal liabilities. Cyber insurance policies cover various aspects such as incident response, legal support, and recovery costs for lost data and business interruption. Even small businesses are frequent targets, often compromised through phishing or other deceptive tactics.
As cybercriminals use increasingly sophisticated methods, many businesses find that the cost of cyber insurance is a valuable investment in long-term resilience. In today’s landscape, cyber insurance can be indispensable, mitigating the impact of attacks and supporting faster recovery for both business and reputation.
For a more detailed explanation, follow the link to the full length presentation.
For any further information about Cyber Insurance or if you have any questions, please do not hesitate to get in touch with one of our team.
