Cyber Risk Liability Insurance

Cyber-crime losses are becoming a greater threat than those risks covered by traditional commercial package insurance policies. Cyber Liability Insurance won’t prevent a cyber-attack but will provide invaluable support and financial protection if you are indeed a victim of one. If you use e-mail, have a website or store customer data electronically then you’re a potential target for cyber criminals.

Although, it is not just large organisations at risk, small medium enterprises are being targeted even more so and these cases are not as well publicised in the media.

Facts about Cyber Insurance:

  • Three quarters of SME’s had experienced some form of cybercrime in 2015 (UK Govt: Information Security Breaches Survey 2015).
  • Small businesses are at a bigger risk than ever because they typically hold far more data than the average customer but often don’t have additional preventative measures to protect themselves (UK Govt: Cyber Security Myths Putting a Third of SME Revenue at Risk 2015).
  • Around 52% of businesses think they have Cyber Cover when in reality less than 10% of businesses do! (HM Government & Marsh UK Cyber Security Report March 2015)

From computer hacking to the loss of data caused by human error, cyber risks take many forms. Cyber risk and data security breaches include: Computer Malware, Hacking, Cyber Theft, Extortion, Denial of Service attack, Human Error / Dishonesty, infringement of intellectual property rights, Libel, Slander and Defamation.

Whether you run a manufacturing plant reliant on computer automation, a data warehouse or a retail outlet with a simple client database, any company which uses electronic equipment and computers is at risk. Although the type of incident may vary from business to business, with vastly different intentions or consequences, anyone with a reliance on computers or a body of data has a dangerous vulnerability to cyber risks. Business Interruption as a result of cyber-crime is not covered by a conventional commercial package insurance policy!

This insurance product is reasonably priced starting from a few hundred pounds (trade dependent) and will provide cover for First Party, Third Party and 24/7 Breach Response Services.

What does it cover? – The time and money you have to spend dealing with a cyber attach and the costs of putting your business back on its feet after a hack or data breach.

Also Covered is

  • Costs of investigating a cyber-attacks,
  • Costs of repairing, restoring and replacing your website, networks and data,
  • Lost income when a cyber-attack prevents you from trading,
  • Extortion following ransomware attacks,
  • Legal fees involved in disclosing a breach to the ICO (Information Commissioners Office)
  • Costs of telling your customers,
  • Legal fees and compensation costs if you’re sued for losing individuals private data,
  • PR costs of managing your reputation and dealing with the fallout.

Insurers call these ‘First Party’ costs. These are things your business will have to pay for without cyber cover. In addition to this the insurers will also cover the ‘Third Party’ costs. These are costs and damages incurred by a third party following a cyber-attack on your business. In addition to this a 24/7 Breach Response provides access to a combined team offering data breach management, technical forensic investigation, legal advice, notification, web and credit monitoring, and public relations services.

We’d love to help you with your Cyber Risk Insurance, contact us or request a call back and get covered today!

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