Cyber Risk and Data Protection Insurance

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Cyber risks have become a concern for all companies with different impacts depending on the kind of business. Recent national and international regulations mean that companies are facing increasing challenges to ensure that data and their IT environments are proactively protected from harm.

A cyber risk can be classified as an infringement of data / or systems. Which means, companies can often stay vulnerable to cyber attacks given their limited resources. Protecting data is not just good for the business but it is important for companies to adopt reasonable security arrangements to follow compliance with data protection laws and regulatory. All companies are legally responsible to protect personal data in their possession.

Why does my business need cyber risk insurance?

Have a quick look at our blog, 9 Types of Insurance a Small Business Should Have. It comes as no surprise that cyber risk and data protection insurance would be a must have in today’s digital landscape. We live in a world connected by social media, email and internet transactions and many of us use these as a vehicle to operate and promote our business. The constant development of new technologies and the increasing use of new means of communication are both a source of opportunity and of risks. It stands to reason that as a business owner, you would want to protect you and your database from cyber-attacks. These cyber attacks are happening with more frequency and can cause varying degrees of damage to an organization. Have a talk to our dedicated business insurance team to discuss what these data breaches can mean for you and your business.

What is cyber risk and data protection insurance?

If your company experiences a cyber attack, a good policy will cover you. A cyber insurance policy is a combined coverage policy including a direct loss component if suffered by the insured party and a liability component insurance cover.

Third party coverage: Privacy and data protection

  • Third party and Privacy liability for damages and claims expenses as a result of a data breach
  • Privacy regulatory defense and penalties
  • Notification expenses which notify affected persons of privacy breaches and credit monitoring
  • Public Relation in order to limit and mitigate the reputation impact and image
  • Payment Card Industry (PCI) fines

First party coverage: Business interruption and loss of digital assets

  • Forensic costs to evaluate and contain a breach
  • Any costs incurred in data restoration and cyber extortion
  • Business interruption: indemnification for loss of gross margin

These costs could easily run into the hundreds of thousands, if not $1m+ so If you wish to discuss any of these further, give our Business Insurance team a call and they will walk you through what your options are when it comes to cyber and data protection.

We can design tailor-made solutions for all companies wishing to actively protect themselves against digital risks, and in particular financial institutions, industries, communications, technology & media companies and retail companies.

What’s next?

If you are interested in having a talk about getting Business Insurance, we are here to guide you through the process.

  • Call us today and we will take your details and talk to you about what are looking for
  • Alternatively, you could send us an email and one of our team will get back to you within 1 working day to discuss your business needs
  • Form here, we will take all of your info and use our close relationships with some of the biggest names in the industry to tailor a bespoke package of cover that is unique to you and your business. We want you to be in the driver’s seat, so we will present a couple of options for you to choose from.
  • One of our team will get back to you and walk you through the cyber risk policies that has been tailored for your business.
  • After you sign onto a policy with us, we will use our bespoke brokerage service to make sure that you are well taken care of by our award-winning team.

ARE YOU SERIOUS ABOUT DATA PROTECTION FOR YOU AND YOUR CLIENTS?

Call our team today and have a chat about how we can help you and customers stay protected against cyber risks.