Cyber Insurance

In the digital age we live in, there is an understandably growing concern around cybersecurity. We can help you find the right insurance policy to safeguard your business and clients against online risks.

What is Cyber Insurance?

Almost all businesses today are vulnerable to cyber-crime due to their use of email, computer software, the internet and storage of client data. It’s not only large companies at risk; any size business with valuable customer data can be a target.

If your business does become a victim of cyber theft, you could face significant losses through compensation claims, fines, and interruption to your business activities. The reputation of your business could also be severely impacted, ultimately leaving your livelihood in pieces.

Do I need Cyber Insurance?

Cyber insurance should be considered by any business, big or small, that handles private data or information – whether that be credit card details, client demographics, employee profiles or even marketing strategies.

The first thing that comes to mind when thinking about cyber-attacks is usually hackers, yet most security breaches are the result of human error.

Proper Cyber Insurance should include first party and third party cover so that you can protect both yourself and your customers. 

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What can Cyber Insurance cover?

Legal costs

Covers any fines or penalties served for data security breaches and expenses incurred in defence of liability claims.

Third party costs

Covers the cost of compensation claims from customers.

Data recovery

Covers the cost of recovering and restoring data.

Cyber extortion

Covers ransom payments required to get stolen data back.

Business interruption

Covers loss of income due to the temporary downtime of your systems and therefore your business.

Incident Response and investigation costs

Covers incident and investigation expenses by a data protection regulator.

What is not typically covered?

Bodily Injury/Property Damage

This must be covered separately under a Public Liability or Employers Liability policy.

Internet access

No cover for failure/interruption or outage to internet access service provided by your service provider.

Act of God

No cover against fire, explosion, lightning, flood, earthquake, etc.

Personal Data

No cover if wrongful collection of personal data has occurred.

How we get the right cover for your business

Choosing the right insurance is important and there’s plenty to get your head around. Our team of advisors can provide tailored advice and help you find Cyber Insurance cover to suit the specific requirements of your business. We take into account a number of factors:

  1. What specific online and offline risks could your business be exposed to?
  2. Do any of your contracts require a minimum level of cyber security cover?
  3. What type of data does your business collect and where is it stored?
  4. How long is data stored for and how is it destroyed?
  5. What cyber security measures are already in place?
  6. Have you had any prior cyber security breaches?
Cyber Insurance