Discover the top 10 reasons for protecting your operations against fraud, scams and cyber attacks.

Protecting operations from fraud and scams is vital for farmers. With the rise of cyber threats targeting the agricultural sector, it's important to understand the significance of cyber insurance and how it can protect your livelihood.

Farms of all sizes depend on technology to operate efficiently. Whether through significant diversification or basic internet access, nearly every farm faces some level of exposure that could threaten its operations.

What is Cyber Insurance?

Cyber insurance protects businesses against a multitude of digital threats, providing financial support in the event of cyber incidents. This farm insurance supports businesses facing various cyber threats, including

• Data breaches
• Cyber extortion
• Malware, including viruses and worms.
• Employee error or sabotage

 Additionally, it facilitates practical access to expert resources, including legal and IT specialists, to effectively aid in the response and recovery process. 

Why You Should Consider Cyber Insurance

Cybercrime threatens businesses of all sizes, from small family-run farms to commercial farms. While protective measures are crucial, they don't always stop every cyberattack. Therefore, it's essential to have plans in place to handle and mitigate the aftermath of such incidents. One effective measure is obtaining cyber insurance for farms, which can be part of your farm’s continuity strategy. Smallholding insurance helps cover costs associated with data restoration, customer notification, and third-party liabilities after an attack.

Here are the top 10 reasons to consider cyber insurance: 

1. Protect Valuable Assets: Every farm, regardless of size, has valuable assets like system access, intellectual property, employee and agricultural data, or customer data that need protection.
2. Minimise Financial Impact: Most businesses rely heavily on their systems. A cyber-attack can disrupt these systems and significantly impact finances. Insurance for farms helps recover those costs.
3. Reduce Overall Costs: On average, businesses without cyber insurance faced costs of £1,205 over the last 12 months due to cyber-attacks. *
4. Access Specialist IT Support: In the event of a cyber-attack, breach response teams provide immediate assistance, and IT forensic teams investigate and resolve issues.
5. Situation Analysis: If you’re faced with a ransom demand, the cyber specialists available through Farm and General Insurance can offer guidance on handling the situation.
6. Legal Protection: Cyber insurance grants access to forensic and legal experts and covers various regulatory and third-party legal actions, notification expenses, and data restoration costs.
7. Legal Expertise: It is invaluable to have solicitor support during a data breach. A solicitor can help present your case to the Information Commissioner Office, build a defence if prosecuted, and advise on notifying customers and regulatory bodies.
8. PR Support: Managing communication around a data breach is vital. Farm and General provides specialist support to ensure correct messaging and minimise reputational damage.
9. Universal Risk: Cyber-attacks can target any business, not just large corporations. The Cyber Security Breaches Survey 2023 reports that 50% of businesses have been victims of cybercrime.**
10. Extra Peace of Mind: Despite having security controls and procedures, cyber-attacks can still occur. Even companies you'd think are immune, like anti-virus software firms, can experience attacks.

*Source: gov.uk, 9th April 2024
**Source: gov.uk, 9th April 2024

Is Your Farm Prepared for a Cyber Attack?

Consider these questions if your systems were compromised:

• What expertise would you require?
• What costs might you incur, and can you afford them?
• How would your reputation be affected?
• How would you respond to a cyber-attack?

These are important considerations, and it can be overwhelming to address them all. An immediate and effective response is essential to protect your business and reputation. Proactive steps can help prevent cyber-attacks, and the most crucial step is planning and having the right protection in place.

At Farm and General, we're dedicated to helping you keep your operations running smoothly. Our panel of farm insurance specialists aims to help farmers mitigate risks and ensure they're protected if the unexpected occurs. As part of our Smallholding and Small Farm Insurance policies, we offer comprehensive coverage to shield you and your farm from the aftermath of a cyber-attack, within liability cover. For more information on farming insurance coverage options, contact us today. Our friendly team is ready to offer support and provide peace of mind, knowing help is available when you need it most.