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Cyber Insurance

Your IT and data are the lifeblood of most businesses. But viruses, hackers and online fraud are now a feature of everyday life and the risk is increasingly rapidly. Nor is data loss always due to malicious IT problems at the hands of cyber criminals. You only need to read the media to realise that even big brands with deep pockets can fall victim to human error and oversights.

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What is Cyber Insurance?

Your IT and data are the lifeblood of most businesses. But viruses, hackers and online fraud are now a feature of everyday life and the risk is increasingly rapidly. Nor is data loss always due to malicious IT problems at the hands of cyber criminals. You only need to read the media to realise that even big brands with deep pockets can fall victim to human error and oversights.

Cyber insurance covers the cost of repairing and restoring your systems, data and website following a breach or a hack. It also covers the legal costs involved in giving regulators and customers the bad news, as well as paying legal fees and compensation if you’re sued for losing personal data.

Do you need cyber liability insurance?

If your business handles sensitive customer data such as names, addresses, or banking information, or you are reliant on computer systems to conduct your business, you should be protecting your customer data as this could be compromised in the event of a security breach.

The National Cyber Security Centre (NCSC) have a wealth of useful information about cyber security with a useful 10 Step Guide To Cyber Security.

Frequently Asked Questions on Cyber Insurance

Here are some frequently asked questions that you may find useful to review before getting a cyber insurance quote. Don’t forget our knowledgeable and friendly UK based team are on hand for any questions you may have.

What constitutes a cyber-attack?

A cyber-attack is when an outside entity infiltrates your business’s private network to shut down and steal your company’s, your employees, and your clients, sensitive information. This stolen information can be used for ransom and disseminated to the public.

I don’t take online payments so do i still need cover?

A cyber-attack does not just occur from online transactions. Sensitive customer data, funds transmissions between accounts, even an email can be the source for a lurking cyber attacker. This could lead to a business being unable to access any of their systems puts them at risk of operational failure and therefore a risk of financial loss.

Is cyber insurance included in standard business insurance?

Standard business insurance is designed to deal with threats to a business physical assets buildings, equipment, business operations. In today’s market, a business is 9 x more likely to be the victim of a cyber-attack than a burglary and most businesses have a greater reliance on their digital intellectual property. This makes a specialist cyber policy essential.

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