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Business insurance

Cyber risks for e-tailers

In today’s environment every company, irrespective of its size, relies heavily on technology and web connectivity to operate its business. All business owners and operators should ask themselves "what impact would there be on my business if our computer network security was compromised? And how would we deal with it?" Here are some of the things that E-tailers specifically, should consider:

  • Your website is your shop front. How would you be able to make sales if it was taken offline?
  • How would you recover your loss of revenue if you couldn’t make web sales? Would your current Business Interruption policy respond?
  • Without access to your operating system, could you control stock inventory?
  • If a breach on your network got into the press, how would you rebuild customer confidence?
  • If you hold client/customer data (even non-financial data), you are responsible for its security and potentially liable should it be stolen or accidentally disclosed.
  • Could you be exposed to Payment Credit Card Industry fines through a cyber breach?
  • Have you trained your employees to validate payments to any suppliers or service providers who either have not been paid before or have changed their bank account details?

Network security must be your first line of defense but if it should be breached where does your business stand? Do you have a plan of how you would respond to a serious event?

Traditional insurance policies do not provide cover for many of these risks, but cover is available through Cyber Insurance. The 24/7 expert assistance provided by a cyber insurance policy can help your business survive a cyber attack or incident.


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