Why Technology Could be Your Greatest Strength and Biggest Risk

17 Oct, 2023

In this guest article with Duncan Sutcliffe from Sutcliffe & Co Insurance Brokers, we look at why brokers are talking about cyber and data insurance, and the growth in demand for cyber security and information security standards like ISO 27001.

“Many organisations found out in lockdown that they could continue trading successfully without a premises, and even without some staff, because they were able to carry on trading from home using computer access to the company’s data. Those business continuity plans which envisaged what your business would do if you suffered a fire or a burglary have been put to the test by Covid and technology has saved the day.

Following this experience quite a few businesses decided to scale back on their physical presence, reducing days in the workplace or closing premises completely. For businesses paying large rents and employees with long commutes this has been a blessing.

However, it also highlights how risks to businesses have changed. For decades insurance brokers have been advising organisations on risks like fire, flood and burglary and how to minimise those risks and insure against them. Technology and data is a new and perhaps more important risk. As we have found with lockdown the key to the survival of many businesses is data and electronic communication. Buildings and contents can be replaced, people can be replaced but what would happen to a business if its data were lost or corrupted? And what can make things worse is a data incident might not just effect your business, it could also impact your customers, suppliers and staff.

This is why insurance brokers will now spend time talking to businesses about cyber and data insurance and why there has been a growth in demand for cyber security and information security standards. Your business will have fire extinguishers, intruder alarms and employment manuals but what does it have in place to reduce the risks of a cyber or data incident?”

Understand More about Cyber and Data Insurance

To understand more about cyber and data insurance, contact Sutcliffe Insurance on 01905 21681 or visit their website here: https://www.sutcliffeinsurance.co.uk/all-insurance-products/cyber-insurance/

Implement ISO 27001 Information Security

If you’re interested in implementing ISO 27001 Information Security, contact ISO Quality Services on 0330 058 5551 or request a quote here: https://www.isoqsltd.com/request-a-quote/

Who are Sutcliffe & Co?

Sutcliffe & Co have been trusted with arranging insurance for businesses and private clients across the UK for nearly 40 years. They are a highly experienced team of specialists with four generations of the Sutcliffe family having being insurance professionals.

Learn more here: https://www.sutcliffeinsurance.co.uk/about/

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