Cyber Liability Insurance

Cyber Liability Insurance is specifically designed to protect you against the risks that come with using modern technology; risks that other types of business insurance won’t cover.

However, arranging insurance is not enough. No matter your business size or type, having a risk management programme in place is more important than ever with cyber-attacks and security breaches becoming more frequent and sophisticated.

Exposures are vast, ranging from the content you put on your website to stored customer data. So, cyber risks need to be identified and carefully managed. Our specialists can work with you to design a cyber risk management programme supported by Cyber Liability insurance to help you minimise any potential losses from cyber security incidents.

Services and covers available

  • Cyber Risk Management services including; staff education & awareness, information security, data protection, standards compliance, reputation management and HR policy & implementation
  • Data breach/privacy crisis management cover
  • Multimedia/Media liability cover
  • Extortion liability cover
  • Network security liability cover
  • Costs incurred as a result of telephone hacking

What you need to know

Here are some of the most frequently asked questions we receive about our Cyber Liability cover.

Why is my business at risk?
Companies store a lot of sensitive customer data. If criminals get access to company databases and the data is breached, it could cost thousands of pounds in fines and the company’s reputation could be damaged.

You may need Cyber Liability insurance if you:

  • hold customer data, including names, addresses or banking information
  • are reliant on computer systems to conduct your business
  • have a website
  • are subject to a payment card industry (PCI) merchant services agreement 
I’ve read about hacking, but is it really likely to happen to me? 
The truth is that nobody really knows, although hacks on 'soft' targets are certainly increasing. The 2015 British Crime Survey highlighted that Fraud and Cyber Crime are the most prevalent crimes committed against people in England and Wales. 

What does Cyber Liability insurance cover?
Cyber Liability insurance can cover the following:

Data breach/privacy crisis management, including expenses related to the management of an incident, the investigation, the remediation, data subject notification, call management, credit checking for data subjects, legal costs, court attendance and regulatory fines

Multimedia/Media liability, including third-party damages such as specific defacement of website and intellectual property rights infringement

Extortion liability. Typically, losses due to a threat of extortion, professional fees related to dealing with the extortion

Network security liability. Third-party damages as a result of denial of access, costs related to data on third-party suppliers and costs related to the theft of data on third-party systems

Costs incurred as a result of telephone hacking

We have good protective software, why do we need cover?
Hackers are becoming more advanced, and are constantly changing their tactics. High profile breaches at supposedly ‘tech savvy’ businesses such as Talk Talk show that software breaches happen regularly.

We back up to the cloud, why do we need cover?
The cloud is just another platform for hackers to breach. The sheer volume of data and number of users means that the cloud is an attractive target to hackers.

Won’t our cloud provider pay?
In the event of a breach, you may have some recourse from the cloud provider. However, this would be time consuming, potentially costly, and would not provide the immediate management of the situation that Cyber Liability Insurance provides.

Related Information

 

Speak to a specialist, Stewart Ruffles, to arrange your insurance cover.

Call 020 7280 3479 or email