In 2021 the need to make smart decisions on top business priorities and our budgets has never been greater. As an insurance broker JMP deal every day in understanding risk and helping our clients to make the best decisions to manage them. We believe there is no more important investment for your business than in a cyber risk management strategy that includes robust cyber insurance cover.
COVID-19 has had far-reaching effects on the world and our daily lives. In terms of cyber risk, it has presented a new opportunity to cybercriminals to exploit fears and misinformation. COVID scams relating to the vaccine, fake testing kits, PPE and anything else you could think of have become staples of social engineering and cybercrime. It has been reported that a quarter of COVID-related domains are malicious or suspicious and Google has declared it is the most used phishing topic of all time. Concurrently it has massively accelerated the shift to remote working and changed the way the workforce operates – possibly forever. This raises the question – how do you secure the remote office?
Within the first few months of the pandemic the National Cyber Security Centre reported more than 2,000 online scams related to coronavirus; 471 fake online shops selling fraudulent coronavirus related items, 555 malware distribution sites, 200 phishing sites seeking personal information such as passwords or credit card details and 832 advance-fee frauds.
It is hardly surprising that nearly half of organisations (47%) feel more vulnerable since the move to working from home and 21% say they do not understand the protection that is available to their business. But you can fight back. Robust data management, training and incident response planning can help give you peace of mind. You may be surprised to know that these tools are accessible to every business on every budget.
A cyber insurance policy means you have access to the right solutions at the most critical time for your business. A cyber insurance policy can pay for your liabilities to others but it can also ensure you do not lose revenue to network downtime. Even the time it takes to rebuild can be covered whilst your insurer helps you to rebuild your systems and business. It will also connect you with the professionals you need when you need them to investigate and fix your issues, address any legal or regulatory ramifications and help you manage the message with public relations support.
We all know a reputation takes years to build and seconds to destroy. 60% of small businesses fold within 6 months of a cyber incident.
Cyber insurance is your lifeline.
The challenges which have been thrust upon businesses over this last year can also be viewed as an opportunity. Now is the time to rethink your business risk management strategy to adapt to the changing threat landscape.
We know that the amount of information out there about cyber risks can be bewildering. As a broker, we can explain key concepts and actionable points to help you reduce your risk. But it is not a one way conversation. We want to start a dialogue across different industries to understand your concerns so that we can offer the most comprehensive and best value solutions for your business.
And so we are pleased to announce the launch of our new JMP cyber risk management hub – JMP Cyber Insurance.
We wanted to create a space for our clients and contacts to be able to learn about a wide range of subjects surrounding cyber insurance risk management, provide in-depth information on the key points and up to date analysis of the fast-moving world of cyber risks. We do this through our passion for helping businesses to navigate the world of cyber risks and the strategic partnerships we have formed with industry leaders.
We make it easy for you to make make the most important investment for your business. Now.
JMP Cyber Insurance – Providing real solutions in a virtual world.
Jennifer Toner, Commercial Account Executive