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Cyber Insurance Focus

Here we have highlighted just a few of the ways cyber insurance can benefit organisations in your sector in a time of crisis:

This section of cover will generally pick up all of the costs involved in responding to a cyber incident in real time, including IT security and forensic specialist support, gaining legal advice in relation to breaches of data security. One of the most important aspects of a cyber policy is that it provides access to the right specialists when time if of the essence as well as paying for their services. This can be the great proportion of the costs of a claim.

This section covers costs incurred in responding to fraudsters attempting to extort money out of an insured by either threatening to carry out a cyber attack or by threatening to expose or destroy data after having already compromised the victim’s network. Ransomware, where the victim’s data is encrypted (converted into an unreadable format) and only made accessible again by the payment of a ransom demand to the attacker, is one of the fastest growing forms of cybercrime.

This section covers failure to prevent an individual’s data being breached. Cyber criminals are able to then sell this information on the dark web. With every breached database, more and more credentials, credit card details, passport information etc. appear for sale.

Cover for costs to draft, send and administer notification communications to those whose data has been stolen, misplaced or compromised. The average cost of a stolen or lost record is $148, – Credit monitoring is often also included to ensure those effected are not subject to any fraudulent activity.

This is something that is not necessarily considered in the first instance however bad publicity can have a devastating effect on a brand as in the case of the Talk Talk breach where Dido Harding personally faced strong criticism for her response.

This can cover the cost of certain fines and penalties that a regulatory body might enforce on an organisation as a result of them having suffered a data breach in so far as these are legal.

Find our more about our cyber liability insurance services below.

Cyber Insurance Covers

It’s important to note that cyber insurance includes a wealth of other benefits which can be found here:

Cyber Risk Management Priorities

Insurance should only form part of your risk management strategy. Here is a brief overview of some of the areas we would advise you look into and how we can assist you to ensure your business is as robust as possible.

Insurance should only form part of your risk management strategy. Here is a brief overview of some of the areas we would advise you look into and how we can assist you to ensure your business is as robust as possible.

Cyber Risk Report – These reports can provide a score akin to a ‘cyber credit check’ which is given context by the peer to peer comparisons and can help you to know where to start when tightening up your security.

Cyber Security Training – Cyber insurers look favourably upon this sort of proactive approach and some providers even include an element of this sort of insight into their packages.

Cyber Security Certification – These certifications can provide reassurance to your clients that you take cyber threats seriously and can be a trusted partner in their supply chain.

Incident Response Planning – A comprehensive incident response plan will mean you are able to deal with any incidents and dramatically mitigate any losses you may incur.

Security Consultancy – For turnover of £1m – Audits. From penetration testing to regular consultancy with a virtual CISO.

Claims Example

A Cardiff law firm received a call from what seemed to be the firm’s bank, explaining that some suspicious wire transfers had been flagged on the business account. They confirmed their password and PIN to freeze the account. It emerged that this had led to £143,000 being wired to several overseas accounts. Because the transactions had seemingly been authorised, no reimbursement was offered by the bank but a cyber insurance policy was able to deal with the loss.

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Answer a few simple questions about your business to get a tailored quote for Cyber Liability Insurance.

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Speak to a member of our expert cyber security team and we will be happy to answer any questions you may have.

Make an Enquiry

We can help you connect with the right cyber insurer and tailor a risk management program to suit your business.

For a free no obligation conversation please contact one of our cyber insurance experts on 01242 898387 or Contact us