It was a simple question – I was trying to generate some interest in our services from a local business – a large Accountancy Practice. I wanted to offer our services either to the firm or as part of a presentation to their clients – cyber security is such an important and yet undervalued commodity within the SME business community. The response was (very polite) – “NO – we have cyber insurance thank you!” With the current UK Data Laws being superseded by the General Data Protection Regulation as of May 25th 2018, new and stringent laws come into place – If you are “breached” you have to publically name and shame your business to the press within 72 hours – and you have to write and advise every single individual whose data has been stolen and explain what impact the loss may have on them. As a large accountancy practise …. what would happen to their “business reputation” As a large accountancy practise … would they still be in business three months later? What do you think?
Do not rely on “cyber insurance” to save your business