Does Santa Claus have the right cyber cover in place?

Businesses that handle large amounts of data should consider cyber insurance – even Santa Claus

Apart from the Grinch, there are very few of us who wish to see Christmas get cancelled and although we should expect Santa Claus and his team to have measures in place to ensure this doesn’t happen, the risk exists and unforeseen circumstances could mean that one day, Christmas could be cancelled for good.

That’s why, when it comes to running a business, it is crucial business owners have the right insurance protections in place, even Santa Claus, because when things go wrong financial protection could be the difference between manageable, and catastrophic consequences.

Businesses which rely on technology and handle data (which these days is most businesses) should consider cyber & data insurance. Cyber insurance can help to protect and support businesses if they fall victim to cybercrime which could include damage to hardware, loss of personal data and possibly even legal action taken against a business as a result of a cyber attack.

What is cyber and data insurance?

Cyber and data insurance is a product which is designed to protect businesses from damages as a result of a cyber-attack, data theft or a system infringement. Attacks on businesses by malicious actors are becoming more common which means even small businesses could be at risk of falling victim to an attack. In such events, cyber and data 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.

Speak to a cyber insurance expert for more information on why cyber cover data governance might be an essential for your business.

Why might Santa Claus need cyber insurance?

Santa Claus manages a very complex business which relies on many cogs turning throughout the year. As a responsible business owner, it’s important that he has the correct insurance in place to protect his business, his employees (elves) and also his customers.

Now, let’s think about the nice and naughty lists. A pair of databases which contain the personal details of every child in the world, including information on how they have behaved over the previous year. Also, when it comes to marketing data, Santa Claus keeps wish lists which are databases that include data of what each child wishes to find under their tree on Christmas Day.

It’s a dream for Santa’s marketing team, but when it comes to data security, all of these databases expose the business to a huge amount of risk. To put it bluntly, this data could be very valuable to a hacker 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.

Cyber insurance needs to be paired with excellent cyber security measures

Of course, cyber and data insurance alone can’t protect a business from a cyber-attack, even with insurance in place the risk is still very much apparent. Cyber insurance provides protection and support in the wake of a cyber-attack, something which could prove to be very valuable should the worst happen, but it doesn’t directly provide any preventative measures (other than perhaps a great awareness of cyber risk in the first place).

With this in mind, it’s very important that like all businesses, Santa Claus ensures 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 as a business, but to millions of people worldwide too.