Cyber Insurance & Ransomware

Cyber Insurance & Ransomware cover is ever more important to every type of industry as every business has an increasing exposure to a greater variety and frequency of cyber and privacy breaches. During and after an attack the insurance covers: loss of business income, data replacement, increased working costs, third party damages, PR costs, notification costs, forensics and legal fees, and any ransom costs. This insurance also covers electronic theft of money (£ $ €) from your bank account. You also have access to a help & support line to assist with your cyber security.

Price guide for businesses based on turn over

LAST COMPLETE
YEAR REVENUE
PREMIUMS DEDUCTIBLE
£250,000 LIMIT £500,000 LIMIT £1,000,000 LIMIT
0 - £500,000 £250
Buy this cover
£375
Buy this cover
£450 £500
£500,001 - £1,000,000 £350
Buy this cover
£475
Buy this cover
£550 £500
£1,000,001 - £2,000,000 £450 £575 £650 £1,000
£2,000,001 - £5,000,000 £550 £675 £750 £1,000
£5,000,001 - £10,000,000 £650 £775 £850 £2,500
£10,000,001 + Referral
* Prices shown in the rating guide are valid until 01/07/18

Click here to see the detailed cover

Cyber Insurance

A recent UK Government survey estimated that 60% of small businesses suffered a Cyber breach in a typical 12month period. The UK Government views cyber attacks as a highest level risk to national security alongside terrorism threats, and so it is a requirement to report certain Cyber breaches to your countries’ national authority

Businesses are increasingly buying specialised cyber insurance policies to supplement their existing insurance arrangements, particularly if they:

  1. hold sensitive customer details such as names and addresses or banking information
  2. rely heavily on IT systems and websites to conduct their business
  3. process payment card information as a matter of course.

Cyber Insurance generally includes significant assistance with managing an incident, essential when faced with reputational damage or regulatory enforcement.

Cover Limits available for SMEs are between £100k and £5 million, although significantly higher amounts are available for firms facing more complex cyber risks.

Payment cards fines & penalties - with regulations concerning the storing of credit/debit card information changing regularly, cyber insurance helps to minimise the impact of any fines incurred as a result of a breach.

Generally cyber risks fall into first party and third party risks and Insurance products exist to cover either or both these types of risk.

First-party insurance covers your business’s own assets. This may include:

  • Loss or damage to digital assets such as data or software programmes
  • Business interruption from network downtime
  • Cyber exhortation 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

Third-party insurance 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

Typical areas that cyber insurance covers:

Network/website downtime

In the case of a cyber attack, as well as downtime caused by system failures or staff negligence/error for example, insurance can cover loss of income or the cost of IT experts hired to reinstate network.

Privacy breaches

From Personal Identifiable Information (PII) through to actual monetary losses, cyber insurance can cover the legal, PR and notification costs associated with the aftermath of a breach.

Extortion

Sensitive data, emails or worse can be held to ransom by hackers, costs of which can be covered by cyber insurance.

Malware/traditional hacking attacks

Whether using malware or simpler social engineering techniques, the aftermath of a hack can involve costs to employ forensic IT experts and to cover costs of subsequent litigation/fines if it has impacted on the business output.