UK businesses are increasingly at risk of suffering from financial crime - from online scams and stolen identities to accounts being hacked, the potential for loss is clear. What many businesses may not consider, is whether they would be protected should the worst happen.
If after investigation it is determined the business was at fault or negligible, support and reimbursement from financial institutions may not be an option available to them. Examples of this could be allowing a hacker to get into a network due to poor security systems and protocols, or human error. In instances such as these, banks could come to the decision that they are not willing to cover the loss. Cyber insurance can be used to bridge the gap between what financial institutions will cover and the capabilities of the business to ensure they are as secure as possible.
If the business has somehow been negligent in allowing a theft of funds transaction to happen their bank may not reimburse them for that loss.
To ensure the business has the correct level of cover in place it is extremely important from our perspective as an insurance broker to understand the amount of electronic money it transacts and holds in their bank account
For a no obligation review of your business insurance as a whole, please get in touch with our friendly team here.
We will take the time to look at and understand your business in full, guiding you to the coverage options that are right for your individual business setup, risk profile and requirements.
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