Cyber Insurance Services
One of the newest forms of insurance available in the insurance market. There have been many large profile cases in the press regarding organisations that have had their data accessed or stolen.
Cyber insurance covers the losses relating to, damage to, or loss of information from, IT systems and Networks.
Policies include significant assistance with, and management of the incident itself which can be essential when faced with reputational damage or regulatory enforcement.
Cyber Insurance Is No Longer Optional
YOU NEED to Protect your business from cyber-attacks, data breaches, and financial loss. Your data, client trust, and business continuity are at risk. Cyber insurance helps you recover faster and stay compliant with UK data regulations.
Why Cyber Insurance Matters
“One in Three UK SMEs Will Suffer a Cyber Attack This Year”
- Cyber attacks have cost UK businesess £44bn in the last 5 years!
- Recovery time: 23 days average downtime!
- 60% of SMEs close within 6 months of a serious breach!
No matter how strong your cybersecurity is, breaches still happen and the financial, legal and reputational consequences can be devastating. Cyber Insurance doesn’t replace Cybersecurity, it compliments it. Its your financial safety net, your legal advisor and your emergency tech team, all in one!
Five leading causes of cyber security breaches:
Phishing – where scam messages trick the user and persuade people to share passwords or accidentally download malware.
Brute force attacks - where criminals use trial and error to guess username and password combinations, or encryption keys.
Denial of service – where criminals aim to stop the normal functioning of a website or computer network by overloading it.
Errors – where security settings are misconfigured, including being poorly implemented, not maintained and or left on default settings.
Supply chain attacks - where products, services, or technology you use are compromised and then used to infiltrate your own systems.
*source ICO
What Cyber Insurance Covers
A tailor made policy which fits your unique business activities and will respond to:
- Data Breach Response & Notification Costs
- Business Interruption & Revenue Loss
- Ransomware & Cyber Extortion
- Third-Party Liability (e.g. client lawsuits)
- Regulatory Fines & Legal Support
- 24/7 Incident Response Hotline
Local Cyber Insurance Broker
Contact Your Local Insurance Broker
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