Cyber Insurance: Safeguard Against Digital Threats

Cyber threats, attacks and data breaches, we can offer advice and protection with our comprehensive cyber insurance options.

Protect your business with Cyber Insurance

Over recent years, cyber security and data protection have become such a vital area of concern not only for Government, but businesses and organisations of all sizes as we all move towards a more paperless environment, we are nearly totally reliant on our computers & mobile phones to access our clients and data.

But, do you need insurance cover? Most businesses still surprisingly think not, common responses are:

 “We have out own IT team”

“Our IT contractors assured us that we are OK”

 “We use a data centre/cloud based servers, we couldn’t get hacked”

In 2020, global losses from cyber crime skyrocketed to nearly $1 trillion and with the pandemic forcing more to people to work from home combined with the likelihood of hybrid working becoming the normal, those numbers will only get worse.

You as the business owner have the sole responsibility to protect your client’s personal data and your own sensitive information, your IT contractor will not pay for breaches of your fire wall, highjacking your systems or stealing money from your bank account, nor will your cloud based service providers.

Can you guarantee your member of staff will not click on a virus laden email, join an unsecure wifi network, unwittingly divulge sensitive information or simply lose their phone or laptop that provides an open gateway to your business?

The solution was developed due to the ever increasing threat of cyber crime. With such high levels of criminal activity, we believe that not only should you insure this risk, but it is vital that all businesses take the necessary steps to protect both their own and the sensitive data of their customers.

Insurance and technology expertise combined, gives us the ability to deal with cyber threats on a daily basis. Allowing us to provide the best protection possible for our business clients and their customers.

What is Cyber Insurance?

Cyber insurance is there to give protection to businesses for risks relating to their information technology infrastructure and activities.

It can also include cover to help reduce the damage caused due to a data breach. Our cyber liability policies can also include cover such as business interruption, which can be the lifeline you and your business need to get back up and running after an attack.


What Does Cyber Insurance Cover?

Our cyber insurance policies can cover you and your business for a range of eventualities, for example:

  • Ransomware/Denial of service
  • Malware
  • Hacks
  • Data breaches – malicious and through lost equipment
  • Business interruption following a cyber attack
  • Theft of money (crime cover)

Cyber Considerations

Most companies have some degree of protection, the best software protection will need to be paid for, the free licences are a ‘cut down’ version and simply not worth risking.

The biggest risk however to business are the people who work within it. They are the ones tricked into ‘clicking on’ emails or links, they are the ones who give away sensitive information, they are the ones with poor security at home or on the move that get hacked with ease.


Key Cyber Protection Considerations

Data Encryption

All devices, where possible should be encrypted, to limit the possibility of a breach if the data goes into the wrong hands.

Law & Regulations

It’s really important to ensure you stay up to date with laws and regulations to ensure that new and recent changes don’t affect your policy.

Staff Training

Your staff should not only be given training in their area of expertise, but it’s important they’re kept up to date with the latest technological threats, so that they can prepare and be extra vigilant.

Physical Security

Not only should your business premise have the sufficient security, you must also consider the devices that will be taken off-site.

Cyber Insurance: Frequently Asked Questions

Do I need cyber insurance?

Our main advice is that the cyber criminals aren’t fussy! They will attack whoever and whenever. It also relates to data breaches. Here’s a few statistics:

  • 81% of firms suffered a breach in the last 12 months.
  • Low tech cyber criminals are targeting anyone they can exploit, that’s you, your staff and your customers.
  • A data breach will cost you around £115 for every record compromised – so if you have 500 client records (which need not include bank details) that’s £57,500! In addition you’ll have the cost to your business to clean up and remove the breach.
  • You can be fined up to £500,000 for a data breach by the Information Commissioner’s Office (ICO) with large fines likely to be dished out to companies not able to show they’ve taken steps to secure their data.

So our advice to you and your business, as always, is to protect your business in the best way possible. We know that it’s highly likely you would’ve worked extremely hard to establish your business, don’t let criminals and breaches destroy it.

Give our cyber experts a call on 0333 222 1030

How can I secure my business?

Our cyber experts will help to ensure you have the correct level of cover in place. Our team will:

  • Identify your risk level and likely threats.
  • Assess and audit your current processes, procedures and setup.
  • Test your systems for vulnerabilities.
  • Put preventative measures in place to deal with your weaknesses.
  • Protect your business in the event of a breach with the right level of insurance cover.

Give us a call on 0333 222 1030

Is cyber insurance expensive?

Don’t worry, it’s not as expensive as you may think.

Around 80% of breaches can be prevented by implementing simple cyber security measures into your business.

To control your security costs it’s vital you identify your risk level and the likely threats, allowing you to protect yourself, your business and your staff to the right level without overspending.

Our expert team will talk you through this process and help you every step of the way., to ensure you have the right cyber cover in place.

For a cyber insurance quote, give us a call on 0333 222 1030

Take a look at what else we can help you with

Business Insurance

Sole traders to multi-national. We will make sure you’re fully covered.

Marine Insurance

Personal, Trade, Vessels and Clubs. We’ll quote you on what you need.

Health & Protection Insurance

Making sure you and your family are protected in all eventualities.