What would you do if your practice suffered a cyber attack?

    That’s a question that most of us would struggle to answer because there are IT, legal and reputational issues to be considered. Abbey Tax has developed CyberPro Insurance to provide practices with advice and protection in the event you suffer a cyber attack.

    The key benefit of CyberPro is that there is access to support before any problem might occur and advice on hand when there is a problem. In the event of a cyber attack, the CyberPro service is designed to “contain, recover and assess”; by which we mean:
     
    • Contain – What is the extent of the issue? Is it still ongoing? Can it be closed down?
    • Recover – What information has been lost and how can it be recovered? This might require a full forensic review of systems or the need to rebuild the firm’s systems.
    • Assess – The plan of action: whether to advise clients or not of the breach; to inform the Information Commissioners Office or not (this luxury of choice won’t exist from May next year with the introduction of General Data Protection Regulation). Legal implications change as more is established on the IT side – hence CyberPro’s service providers working in tandem to assess is crucial.

    The policy will then pay costs associated with:
     
    • dealing with the data loss and liability; 
    • your own costs arising from the cyber attack or e-media incident; and any liability for damages as a result of the issue; and 
    • even cover the reduction in net profit following a hacking incident or denial of service.

    CyberPro is designed to be a cost-effective, stand-alone product, specifically aimed at small and medium-sized accountancy firms, which can be accessed easily without the need for complicated and long proposal forms. If you can answer ‘yes’ to all five of the questions on the short proposal document AND your firm’s turnover is less than £1m per annum, you can very quickly put your CyberPro policy in place. 

    If you would like to be protected as soon as possible or would like to know more, please email Paul Mason or call 0345 223 2727.