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Chamber Chat with Paddy Hunt

Does Santa Claus have the right cyber cover in place?

One data breach is all it takes to see Christmas cancelled! Running a global Christmas operation is tough, and that’s why Santa Claus must ensure he’s got the right insurance covers in place to protect his business, his employees (elves) and also his customers, should something go wrong!

Let’s not forget the huge amounts of data Santa has within his business: ‘nice and naughty lists’ and ‘wish lists’ contain the personal details of every child in the world. Although this data is essential for Santa’s Little Helpers, when it comes to data security, such databases expose the business to a huge amount of risk. To put it bluntly, this data could also be very valuable to a hacker (like the Grinch) and therefore it makes Santa’s business vulnerable; a huge target for those who wish to cause harm via the means of a cyber-attack.

With this in mind, Santa should consider cyber and data insurance which is designed to protect businesses from damages as a result of a cyber-attack, data theft or a system infringement. Unfortunately, attacks on businesses by malicious actors are becoming more common which means every business could be at risk of falling victim to an attack. In such events, cyber insurance provides financial assurance and support which can help you to rebuild your business following a malicious event and provide protection from any costs which develop as a result of legal action against you.

Like any other business, Santa Claus also needs to ensure his data is managed in a way that complies with data protection laws, alongside the most rigorous security measures because without these Christmas really could be cancelled, devastating not just to his business, but to millions of people worldwide too.

If you wish to speak to a cyber insurance expert, please get in touch with Premierline today.