Cyber security advice from Gallagher.
The digital world brings many advantages to Clubs and Class Associations, but what about the additional risk that comes with it?
Cybercrime now accounts for nearly 50% of all crimes in the UK¹
Lack of cyber security can leave Clubs and Class Associations vulnerable to substantial losses and the impact can be huge and long lasting. A cyber incident costs the average small organisation over £25k (direct costs)ᵻ, this doesn’t include the cost of the reputational damage and potential lost customers.
- Could your Club or Class Association operate without IT?
- What would happen if your data (including banking) was lost, stolen or misused?
- What if your IT and web systems were hacked or suffered a virus attack?
- What would be the impact on your Club or Association’s reputation?
- Do you know the use of third party hosting companies/sites may still leave you exposed to cyber crime and subsequent liabilities?
A cybercrime policy starts from £116**a year RYA insurance broking partner Gallagher can help reduce the risk and impact on your organisation, providing a fast response should the worst happen.
For Clubs and Class Associations that would like to spread the cost of cover, an Interest free Direct Debit option* is available.
Gallagher has specific products to support your business:
- Covering the costs of liability for the losses of your members, volunteers and employees following a data breach (including reinstatement of data).
- Payment card data theft covering both online/offline transactions including payments made in bar and galley.
- Covering the cost of disruption and lost revenue following a cyber incident including costs associated to GDPR reporting (within 72 hours), access to resources to minimise potential reputational damage and associated forensic costs.
- Cover provided as a result of cyber extortion.
- Cover provided in respect of Fines & Penalties (deemed to be civil not criminal) following an inadvertent breach of GDPR. The introduction of the General Data Protection Regulation (GDPR) in 2018 has implications for Clubs and Class Associations no matter what size. It means Clubs and Class Associations must be able to demonstrate that they are adequately protecting the data they hold on individuals, and follow a strict process for reporting breaches to the Information Commissioner’s Office (ICO). Failing to meet these requirements can result in substantial fines and penalties.
- Cover can be extended to cover Cyber Crime - including theft and transfer of funds.
Policy limits and exclusions may apply, please see policy wording for full terms and conditions.
Contact the dedicated RYA team at Gallagher today to discuss your cyber exposures and insurance requirements.
0800 062 2309
*Please note that Beazley provides the interest free Direct Debit option and have their own set of terms, conditions and you should familiarise yourself with these carefully.
** Premium is based on a limit of indemnity of £250,000 (on any one claim) and an excess of £250 per claim. Type of business rated as ‘Sports/Leisure Members Clubs/Associations’ –with a Turnover of less than £200,000.
Royal Yachting Association is an Introducer Appointed Representative of Arthur J. Gallagher Insurance Brokers Limited which is authorised and regulated by the Financial Conduct Authority. Registered Office: Spectrum Building, 7th Floor, 55, Blythswood Street, Glasgow, G2 7AT. Registered in Scotland. Company Number: SC108909. FP262-2019. Exp. 06/03/2020
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