Almost every business is reliant on data.

The introduction of General Data Protection Regulation (GDPR) means that businesses will have to report a data breach to the Information Commissioner’s Office within 72 hours after detection and could possibly face a fine.

Whilst all businesses will understand that some of the data they hold – such as employee payroll details, or customer addresses and passwords, they could be susceptible to an attack by cyber criminals.

There can be a perception that SMEs are less vulnerable than larger firms. The reality is that small businesses data is being targeted, it’s just that these attacks are not as widely reported.

Fines for non-compliance with the GDPR can be as high as 4% of a business’ global turnover.

This highlights just how important it will be for businesses to protect their data.

Research from insurer Zurich found that 1 in 6 SMEs had suffered a cyber attack during the previous 12 months.

In some ways, smaller businesses are more vulnerable to cyber crime, because unlike bigger firms, they are less likely to have teams of IT specialists in place to prevent or respond to a data breach, or the resources to invest heavily in cyber security.

Would your business know how to obtain and preserve the evidence required to initiate disciplinary proceedings, or potentially to support a criminal prosecution, should you have a data breach, in a way that would be legally admissible?

To find out more about cyber liability insurance please contact GPS insurance brokers on 020 8207 7385.