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What is cyber insurance?
Cyber insurance, otherwise known as cyber liability insurance, protects your business against losses relating to damage to, or loss of information from, IT systems and networks. It is designed specifically to protect your business in the digital age against threats such as data breaches or malicious cyber hacks.
Does my business need cyber insurance?
In today’s digital age, all businesses, regardless of size, need to consider their exposure to ‘cyber threats’. You will likely rely on an IT infrastructure regardless of what your business does. If so, you will be exposed to the risks of business interruption, income loss, damage management and repair, and possibly reputational damage if IT equipment or systems fail or are interrupted.
Why should you have cyber insurance?
While existing insurance policies such as commercial property, business interruption or professional indemnity insurance may provide some elements of cover against cyber risks, businesses are increasingly buying specialised cyber security insurance policies to supplement their existing insurance arrangements, particularly if they:
- Hold sensitive customer details such as names and addresses or banking information
- Rely heavily on IT systems and websites to conduct their business
- Process payment card information as a matter of course
What does cyber insurance cover?
Cyber insurance coverage includes the losses relating to damage to, or loss of information from, IT systems and networks. Policies generally include significant assistance with and management of the incident itself, which can be essential when faced with reputational damage or regulatory enforcement.
Generally, cyber risks fall into first party and third-party risks. Insurance products exist to cover either or both types of risk.
Covers your business’s own assets. This may include:
- Loss or damage to digital assets such as data or software programs
- Business interruption from network downtime
- Cyber extortion where third parties threaten to damage or release data if money is not paid to them
- Customer notification expenses when there is a legal or regulatory requirement to notify them of a security or privacy breach
- Reputational damage arising from a breach of data that results in loss of intellectual property or customers
- Theft of money or digital assets through theft of equipment or electronic theft
Covers the assets of others, typically your customers. This may include:
- Security and privacy breaches, and the investigation, defence costs and civil damages associated with them
- Multi-media liability, to cover investigation, defence costs and civil damages arising from defamation, breach of privacy or negligence in publication, in electronic or print media
- Loss of third-party data, including payment of compensation to customers for denial of access and failure of software or systems
Why choose us?
Not sure which cover you require?
Call us directly on 0114 261 2020 for a quote today.
Our team of dedicated sales experts will take you through the process of setting up your new cyber liability insurance from quote to inception. We will also be here to offer any advice or help you may need after you have taken out your policy with us.