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Cyber Liability Insurance

Why do you need it?

From the increased use of mobile and the web, to collecting and storing client data, the reliance your business has on technology has probably grown in recent years. In parallel, the risks faced by businesses relying on technology and data has also increased. Cyber Liability Insurance helps by: 

  • Taking action
    As soon as we’re notified of an incident, our cyber policy reacts, covering your liabilities on media, data security, viruses and hacking.
  • Rectification
    Costs covered are further reaching than your initial liabilities.  Customer notifications, credit monitoring and legal fees are also included.
  • Repairing the damage
    In addition to hiring forensic to identify root causes, PR consultants can also be paid to mitigate damage to your brand.

How we can help

We work with our insurer partners to arrange a cyber policy that is truly fit for purpose. In addition to comprehensive cover, it will also feature access to a team of breach specialists that can help you address risks and issues at pace. 

Product benefits and features

  • Regulatory defence and penalties
    Your policy can cover payment for amounts which you are legally obliged to pay as a result of a civil regulatory action, regulatory compensatory award, civil penalty, or fines (as insurable by law), imposed by a government or public authority regulator.
  • Cyber extortion
    Your policy can cover expenses incurred by you and your business, including the value of any ransom paid for the purpose of terminating a cyber-extortion threat.
  • Data breach notification 
    Your policy can cover the cost of consumer notifications following a data breach, to comply with data breach law. This includes legal fees, costs to send and administer notification communications, as well as the costs of call centre services to respond to enquiries and queries following a notification communication.
  • Business interruption
    Your policy can cover you for loss of business income resulting from the total or partial interruption, degradation in service, or failure of information and communication solutions.
  • Fraudulent Representation
    Your policy can cover payment for loss of the insured’s money, property, products, goods, services or other financial benefit, where such losses are as a direct result of a fraudulent electronic communication designed to impersonate the partners, directors or members of the insured.

Cyber risks - more than just hackers

Frequently asked questions

Q
Does a cyber policy insure loss of money from bank account?
A

No. That’s more likely to be covered by a crime policy. For example, if someone were to hack in to an online bank account, whilst the hacking and data would be covered under the policy, the loss of money wouldn’t be. A crime policy can be introduced to support this cyber solution.

Q
Will the policy only cover electronically held data?
A

No. This policy will insure data however it is stored. 

Q
Are there any security requirements to our system before we can be insured?
A

As long as you’re able comply with the Terms and Conditions set out by the insurer, then you can be insured. We’ll work with you to understand these and make sure your business is in good shape. 

Q
Isn’t security just an IT issue?
A
You might think your IT technicians are ultimately accountable, but everyone in your business has a responsibility to protect your business’s core assets. Technology plays a part of your business solution, but it is not all of the solution.
Q
Am I covered against email fraud?
A
In a number of scenarios yes. But it’s important to realise that many types of email fraud can be used to attack your business. Fraud that includes hacking of your email systems will be covered as this is technically a breach. Uniquely, our policy also covers ‘Fake Presidents’ scams, where decision makers within your business are impersonated in order to release funds or access data. 
Q
Why would I need to protect my data, it’s saved in the cloud and easy to recover?
A
You may be able to recover your information. But once the hackers have a copy it’s theirs to do with as they please. So your business can continue to run but the data that’s out there could be used for illicit purposes. 
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