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Cyber Insurance or Cyber Liability Insurance Cover (CLIC) allows you to claim for many of the possible losses to your business caused by a data breach, loss of electronic information or damage to your IT infrastructure.
If your business holds sensitive information or your company relies on its IT, it is important to have cover in place to minimize any business interruption including any loss of income. We have partnered with leading cyber security insurance providers in the UK so that we can find the best policy for your business, whatever the size.
Our team of insurance advisors is based in Andover, Hampshire and they are ready to take your call. Simply call us today on 0333 999 0802 for a free and no obligation quote or request a callback here.
Cyber risk insurance is becoming increasingly popular and important to UK businesses of all sizes including accountants, restaurants, manufacturers, retailers, lawyers, hotels and more.
According to a UK Government survey in 2014, 81% of large corporations and 60% of small businesses suffered a cyber breach. The average cost of a cyber-security breach is £600k-£1.15m for large businesses and £65k-115k for SMEs.
Your company could be vulnerable to a data breach or external internet attack if you:
Companies have traditionally installed firewalls, anti-virus and encryption software to limit the chances of being affected by a threat. But failing to update these regularly or having a sophisticated attack elsewhere can really put your business at risk.
There are some policies that may cover you partially in the event of a data breach such as commercial property or business interruption insurance. However, falling victim to an online scam can have a serious impact to your business operations and so companies should consider additional cover.
By having insurance in place, it allows for a smooth recovery and helps the business to recoup its losses and return to normal.
There are insurance policies available either on a first party or third party basis.
First party cover is available to protect your own cyber business risks providing you with:
Breach costs: These are any costs for the support you need in the event of a data breach. This includes forensic investigations, legal advice, notifying customers, regulators and credit monitoring.
Cyber business interruption: This will compensate you for any lost income due to your business being stopped or interrupted as a result of a data breach. This includes any lost revenue from potential business or days that you could not operate.
Cyber extortion: If a hacker tries to hold your business to ransom, we can offer protection and provide compensation where necessary. To give an example, a hacker may steal your personal data and those of your customers and charge you a fee to return them.
Crisis containment: In the event of an incident, this covers any activities you have to do to maintain your reputation during a crisis, including paying for PR, hiring specialists and developing a new strategy.
Hacker damage: Your first party cover will reimburse you for any damages caused by a hacker to your IT infrastructure, including your network, website and data. You may be required to pay for repairs or replacement and ‘hacker damage’ will allow you to claim compensation.
Third party cover can be purchased to claim for assets owned by other people, typically your customers including:
Security and privacy breaches: This covers any defence costs, civil damages and legal fees incurred by customers that are taking action for their information being placed in the wrong hands.
Multi-media liability: You can claim compensation for defence costs, civil damages arising from defamation, breach of privacy or negligence in publication in electronic or print media.
Loss of third party data: This will pay compensation to customers for denial of access and failure of software and systems.
The answer to this question will depend on your individual circumstances and requirements and it’s best to call us and chat through what you need.
To help know how much cover you require, you can start valuing your costs and expenses and what type of incidents you want cover for. You need to have a think about what a potential incident could do to your business and how much it would cost you to fix it.
When you speak to one of our advisors, we will ask you a series of questions to get a better idea of your risk and find the right level of cover for you. We encourage all information to be scanned and sent via email so that we can process your application as quickly as possible and get you the cover you need.
As cyber attacks are growing, the UK Government has increased the measures to prevent future attacks and businesses can benefit from the following resources.