Cyber - November 4, 2024
Cyber
Why Your Growing Business Needs a Cyber Essentials Accreditation
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Growing businesses will always face the threat of cybercrime. From hackers stealing sensitive data to malware disrupting operations, the risks are all too real. But there’s a simple step you can take to strengthen your defences and give your clients and insurers confidence: the Cyber Essentials accreditation.

In this blog, we’ll explain why getting Cyber Essentials certified is a smart move for your business, how it impacts your insurance, and why you should be cautious about dual insurance when it comes to cyber.

What is the Cyber Essentials accreditation? 

Cyber Essentials is a UK government-backed certification that helps businesses protect themselves from the most common types of cyberattacks. It focuses on five key areas of cybersecurity:

  1. Firewalls
  2. Secure configurations
  3. Access control
  4. Malware protection
  5. Software patching

By adhering to these, your business’ and customers’ sensitive data will be much harder for cybercriminals to breach.

Why should growing businesses get Cyber Essentials certified? 

For scale-ups, a cyberattack is more than just an inconvenience – it could be financially crippling. It’s not just about losing data – there’s also downtime, reputational damage, and legal implications to consider. Cyber Essentials helps you take control of your security and protect your customers, in order to:

  • Build client trust – If you’re handling sensitive client data, they’ll want reassurance that it’s secure. Being Cyber Essentials accredited shows you take privacy seriously and are proactively safeguarding their information against attacks.
  • Ensure confidence for insurers – More insurers are offering better terms to businesses with a Cyber Essentials certification. Why? Because it reduces the risk of having to make a claim. In fact, for some policies, Cyber Essentials is a requirement.
  • Proactively manage risk – Cyber Essentials isn’t just about ticking boxes for insurance – it’s about reducing the risk of a costly cyber breach and protecting your business in the long term.

Take caution with dual insurance

 When achieving a Cyber Essentials accreditation, you might be offered a free £25,000 limit of indemnity for Cyber insurance. While this might sound appealing, it’s important to understand that this limit is incredibly low for most growing businesses – especially if you handle sensitive data or are at risk of serious cyber threats.

Additionally, this £25,000 cover often lacks key protections, like coverage for money stolen through electronic means or cyber fraud, leaving your business exposed to significant financial risks.

If you already have a comprehensive Cyber insurance policy, accepting this extra cover could lead to complications with dual insurance, occurring when two policies cover the same risk. This can create confusion and delays during a claim, as insurers may dispute which policy should respond – and in the worst case, part of your claim could be denied.

Our advice? If your business already has a standalone Cyber insurance policy, the £25,000 limit offered through Cyber Essentials is unlikely to provide meaningful protection and could instead complicate your cover. Always check with an expert broker before accepting this additional cover to avoid unnecessary issues.

Seek expert advice from RiskBox

 At RiskBox, we specialise in helping scale-ups across a number of sectors like media, marketing, and tech manage their risks and avoid costly mistakes. Our team can guide you through the Cyber Essentials accreditation process to ensure your insurance cover is working efficiently – without gaps or overlaps.

If you’re looking to get Cyber Essentials accredited or need advice on Cyber insurance, give us a call or drop us an email. We’re here to help

 

Photo by Alex Knight on Unsplash

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