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It'll never happen to us!

Posted by on in Nsure Technology
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A recent article published by a technology services provider in the states suggested that 60% of companies suffering a major loss of data will shut down within six months of the event occurring. Whilst this may seem extreme consider how rapidly the situation could escalate -:

 

  • What if confidential information is lost for good, this could adversely affect a business's ability to remain competitive.
  • Loss of trust may lead to customers ceasing to do business with the company.
  • The loss of data maybe compounded by creditors suing for late payments resulting from financial losses.
  • The collateral damage caused to the business by way of a damaged reputation may result in the loss of market position as well as potential investors withdrawing proposed financial support.

 

It is therefore as important to acknowledge the significance of how a major data loss may affect your business when considering the contents of any business continuity planning and disaster recovery processes.

 

One important ingredient that must be considered is insurance, ensuring that your business is protected correctly, but do not just assume that you are already covered as most technology & cyber risks are not covered by traditional insurance policies. Specialist Technology & Cyber Insurance Policies are now available to cover exposures to hacking and virus attacks, data and privacy breaches so now there is no longer any need to compromise the future of your business.

 

For more information on this, or any other Technology Insurance matter, call Geoff on 01903 520200 or email This email address is being protected from spambots. You need JavaScript enabled to view it.

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