As businesses become ever more reliant on technology, the risk of suffering a loss related to problems with computer systems or holding sensitive customer data continues to grow. Cyber security is a major concern for businesses of all sizes. According to The Cyber Security Breaches Survey 2019 over half of businesses and charities in the UK had identified breaches or attacks in the last 12 months. If you are concerned about your cyber security or want to understand how cyber liability insurance could assist your business please get in touch.
What is Cyber Liability insurance?
Cyber and data risks insurance is designed to support and protect your business if it experiences a data breach or malicious cyber attack on your computer systems. Cyber liability insurance provides comprehensive cover, technical advice, reputation protection and support in the event of a claim.
Who needs Cyber Liability Insurance?
- Does your business have a computer system?
- Do you hold client data electronically?
- Do you take credit or debit card payments?
- Do you have a website?
If you answered yes to any of these questions your business could be at risk and you should speak to our team to find out more on how we can help protect you.
1 in 3 UK small businesses have fallen victim to cyber crime and this is increasing as we become more reliant on technology and our world becomes more network connected.
What cover is provided by Cyber liability insurance?
As a independent insurance broker we work with a number of specialist cyber liability insurers allowing us to provide you with the most suitable product for your needs. Every policy is different but we have outlined the main covers below.
When personal data is accessed without permission, cyber liability policies will provide practical support including forensic investigations, legal advice, notifying customers and regulators and offer ongoing credit monitoring for affected customers.
If an employee or supplier makes a mistake which leads to a breach of data you will also be covered whether accidental or malicious. This includes an employee opening phishing emails which accounted for 81% of data breaches in the UK in 2018.
This part of the cover is one of the most important, you may say you already have a business interruption policy so you do not need a specific cyber product; unfortunately this is not the case. Property BI will only provide cover when physical damage to your property occurs therefore cyber incidents would not trigger a claim. Cyber liability insurance will cover the cost of getting your business back to normal when a breach or hack happens. This type of policy can also be extended to include cover for dependent so if your suppliers have a breach which has a knock on affect to your business you are also covered.
This covers the costs of effective communications to minimise the impact on your company’s reputation following a breach of data. It will also provide support from PR experts to contact customers and third parties as per your responsibility under GDPR legislation.
Cover for the costs of repair, restoration or replacement if your computer network, systems, website or electronic data if they are damaged by a hacker, virus or cyber attack.
Hackers can hold your systems or data to ransom demanding a sum to get your business back up and running or threatening to leak your data if you do not. A cyber liability policy will provide specialists to manage these situations.
Physical damage can also occur with a cyber incident you can extend a cyber liability policy to cover the costs to repair of replace these items.
Cover to defend and settle claims made against you for falling to keep customers’ personal data secure.
Personal Cover for Directors
As a director of a company you have a personal responsibility for how your business protects its customer data and in the handling of a breach. The policy can include the same cover for statutory directors as it does for the business.
Financial Crime and Fraud
Cyber criminals do not only attack your data they also try to steal funds, steal your business identity and deceive employees into transferring money or goods usually done through social engineering. Cover can be extended to include this.
For more information on cyber insurance or to talk about how your business can benefit from this type of policy call our team today. Alternatively complete the below form and a member of our expert business team will be in touch.