"Cyber Insurance - keeping your business trading in a world where digital systems dominate"
What is Cyber Insurance?
Let’s start with a different question: Ask yourself what part of your business isn’t reliant on digital systems and, if a cyber attack meant that was the only part of your business still functioning, what could you do?
Not much? That’s what cyber insurance is for. It’s about keeping businesses trading in a world where digital systems dominate.
• If you came into work and you were told that someone had got into your systems and accessed your data, would you know what to do next?
• Or if someone hacked your business – to put out messages on social media for example – would you know how to stop them and repair the reputational damage?
• Or you came in and switched on your computer and there was no response except for a ransom demand? Who would you call? Would you pay?
Cyber insurance is designed to tackle all of these threats and more. It not only protects businesses, but supports them to meet their commitments to customers and employees if their digital systems are compromised, paralyzed or attacked.
What does Cyber Insurance actually do ?
• It’s cover against hackers stealing data and demanding a ransom not to release it
• It’s cover against the fines and penalties that businesses will incur if they are assessed as non-compliant on data protection or privacy
• It’s cover against viruses that paralyze systems – and cover for the income lost while they are being restored
• And cover against the accidental loss of data – followed by legal action by customers
In addition Financial cyber crime is covered on most cyber policies via an optional extension. This extension, provides cover to businesses whose bank accounts are targeted by criminals by hacking or phishing.
Phishing, otherwise known as social engineering, is where businesses are duped into transferring money to criminals, as a result of fraudulent emails purporting to come from employees, directors, customers or suppliers.
We would also cover the business if the e-Theft occurred as a result of a financial institution acting on their behalf.
It's INCREDIBLY easy to get a Cyber Insurance quote.
Our underwriters have a broad appetite, with very few exclusions. We can consider companies with up to £600M turnover. We offer a broad, comprehensive wording with extensions for e-Theft and outsource/cloud provider failure. What's more we are price competitive.
To get a quotation speak to one of our Cyber Team on 01502 537773. Unlike most brokers and insurers who have an underwriting process with long applications, we can usually provide a quotation within minutes of your enquiry.