Cyber Insurance

Cyber and data risks insurance, also known as cyber liability insurance, is designed to support and protect your organisation if it experiences a data breach or malicious cyber hack that affects your systems or ability to operate.

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    You should consider cyber insurance if you:

    Store personal information

    Use a computer

    Take card payments

    Have a website

    Keep email addresses

    Run business software

    Make electronic payments

    Use cloud storage

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    What if...

    If your business handles customer data or processes payment transactions, you’re at risk of a cyber attack. Expenses associated with a data breach can quickly add up for a small business. Whether you have 300 customer records or 3000, your bottom line could be impacted by legal defense costs, settlements, lost business, notification costs, and more.

    We provide access to 24/7 specialists that can help you through the breach providing technical, forensic and legal assistance.

    If your primary business operations require the use of computer systems, a disaster that cripples your ability to transmit data could cause you, or a third party, a reduction in turnover. Loss of turnover due to a server failure following a data breach can affect your day-to-day operations.

    Time and resources that normally would have gone elsewhere will need to be directed towards the problem, which could result in further losses. This is especially important as denial of service attacks by hackers has been on the rise.

    Such attacks block access to certain websites by ether rerouting traffic to a different site or overloading an organisation’s server and this part of the policy is designed to bring you back to pre-loss revenue levels.

    A natural disaster, malicious activity or fire could all cause physical damages resulting in data or code loss. While the physical damages to your system hardware would be covered under your existing business liability policy, data or code loss due to the incident would not be.
    Hackers can hijack websites, networks and stored data, denying access to you or your customers. They often demand money to restore your systems to working order. This can cause a temporary loss of revenue plus generate costs associated with paying the hacker’s demands, or rebuilding if damage is done.
    If an e-mail sent from your server has a virus that crashes the system of a customer, or the software your company distributes fails, resulting in a loss for a third party, you could be held liable for the damages.
    Not all cyber policies cover this automatically so be aware
    Legal defense costs are provided, but not fines as they are deemed criminal under the new legislation.

    Frequently Asked Questions

    Data breaches are costly.

    Cyber incidents now happen very often to all businesses and will only increase. The coverage we provide works to maximise your data protection and business security.

    Almost 9 in 10 SMEs say their cyber insurance covered the cyber security incidents they suffered in 2018.

    What businesses should buy data insurance?

    In truth, no organisation is immune from the potentially devastating financial impacts of a cyber loss. Any business that relies upon technology to acquire or engage with customers, processes or stores customer data could seriously suffer as a result of data loss or theft.

    Cyber insurance helps protect your business and customers digital data

    From 25th May 2018 the EU General Data Protection Regulations came into force, dramatically changing the compliance requirements on all businesses in the UK. In Summary, the new rules:

    • Introduce a mandatory notification period following a data breach of 72 hours.
    • Greatly increase the potential penalties for non-compliance to 4 of global turnover of EUR 20 million, whichever is greater.
    • Clearly defines the rights of individuals over the personal data held on them by all organizations.

    PII stands for Personal Identifiable Information and refers to a type of data that identifies the unique identity of an individual. It provides the most basic forms of personal information and can include an individual’s name, gender, address, telephone, email address.

    The amount PII records stored on an organizations IT network can impact upon the premium calculation, with the higher the number of records the greater the risk due to regulatory requirements such as mandatory notification in the event of a cyber breach.

    • Systems shut down.
    • Loss of business data via hardware. ie server, laptop or device.
    • Cyber attack or network breach
    • Malicious misuse of your business data
    • GDPR costs incurred to the business
    • Breach notifications
    • Breach mitigation
    • Data restoration
    • Business income
    • Extra expenses protection
    • Theft of monies or securities digitally
    • Third-party coverage for a privacy breach or data event
    • Coverage for regulatory fines
    • Legal and defense expenses
    • Coverage for PCI DSS fines
    • Legal cost exposures to the business.
    • True impact for the business is the cost in notifying, complying and defending any data breach within the new GDP regulations.
    • Notifying subjects is expensive.
    • Management of any data liability
    • System failures and the impact to any business
    • Online shut down costs to your business.
    • Hacking or stealing of your client data – cost and impact to the business.
    • Complete shut down of your systems – cost and implications to your financial cost and commitments.
    • A breach to an associated supplier.

    Think that data breaches and cyber attacks only happen to the largest of companies? Think again. While large companies make the headlines, the reality is 1 in 3 documented data breaches occur in businesses with less than 100 employees. What’s more, 60% of small businesses close their doors within 6 months following a cyber attack.

    If your business handles customer data or processes payment transactions, you’re at risk of a cyber attack. Expenses associated with a data breach can quickly add up for a small business when the average cost of each compromised record is £200. Whether you have 300 customer records or 3,000, your bottom line could be impacted by legal defense costs, settlements, lost business, notification costs, and more.

    Cyber Business Interruption cover means that in the event of a cyber-attack or, for example a ransomware attack that forces you to cease or restrict normal business operations, any income lost as a result of such an interruption would be reimbursed through your policy. This would occur after 12 hours of network downtime.

    Traditional insurance policies such as general liability, property and professional indemnity policies will usually explicitly exclude damage to digital assets or losses arising as a result of a cyber attack. Even for those that remain silent on the subject of cyber and insured may face a hard legal battle to be indemnified without a standalone cyber policy.

    Interested in finding out more?