Cyber Insurance

There is no better time to take another look at how cyber liability insurance can help you.

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Think You’re too Small to get Hacked?

It's usually big business like Uber, Pizza Hut, Yahoo, Equifax and Bupa that you hear about in the news1 but small and medium-sized businesses face the same threat of being hacked. According to a recent report, cyber attacks are now seen as the single biggest threat to UK businesses2, yet only 10% of SMEs have insurance cover in place should the worst happen3.

Don’t assume that cyber cover is included under your existing business insurance policy. This often isn’t the case, so you may need to take out a separate policy to provide the cover you need.

How Cyber Insurance Can Help

We have a range of comprehensive cyber solutions available, which includes more than just helping to resolve the “hacking” itself, but provides emergency response in the event of an incident.

 

The extensive cover available can include:

Cyber, data security, and multi-media cover.

  • This covers any allegations of loss from the firm’s customers, including all defence costs.

Data beach notification costs.

  • Includes cover for the costs of notifying any affected clients of the data breach.

Regulatory defence and penalty costs cover.

  • Ensures costs of defending any ICO investigation and any fine will be paid if legally insurable.

Public relations costs cover.

  • Covers the costs of PR consultants to minimise damage to your brand.

Forensics costs cover.

  • Any costs incurred in investigating the breach, recommending a fix and temporary storage of data on a secure server will be covered.

Credit monitoring costs.

  • In this case any costs of monitoring the credit files to spot potential misuse or ID theft will be paid for.

Cyber business interruption cover.

  • This covers any identifiable loss of profit through being unable to trade properly, and will reimbursed.

You Could be Exposed to Being Hacked

If you so much as gather or store customer, supplier, or employee data, including sensitive information like payment details, you have a cyber risk exposure. You might think a data breach is unlikely, but bear in mind that one in two SMEs suffered a cyber security breach in 20172.

Make no mistake, incidents can have very serious consequences – depending on the severity of the attack, costs can range from £1,400 to £2.48 million1. Alongside clean-up costs and potential fines, it’s important to consider the long-term effect of a cyber incident on customer trust and reputation.

With GDPR (General Data Protection Regulation) legislation in force from 25th May 2018, the processes, practices and security of handling customer and supplier data has been brought into sharp focus. Therefore, there is no better time to take another look at how cyber liability insurance can help you.

Case Study: Ransomware

A small furniture manufacturer (with just 4 employees) was compromised by a cyber attack using ransomware which meant they couldn’t use the computer automated machines they depend on for two weeks. This cost them £8,000 to put right.

Case Study: Personal Data Breach

In 2017, the Information Commissioner’s Office (ICO) fined a small video game rental firm £60,000 after hackers exposed more than 26,000 customers’ personal information.

Case studies like these have bought home to us how important it was to make you aware of the risks affecting you.

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What Would Happen if Your Data was Accessed or Stolen by Hackers?

You could be faced with:

  • The cost of restoring, updating, recreating or replacing lost or damaged digital assets.
  • Loss of income whilst a breach prevents you from carrying out business as usual.
  • Reputational damage leading to loss of customers and income.
  • Civil court costs and damages associated with the impact of a breach on third parties.
  • Regulator investigation and defence costs, as well as potential fines.
  • The legal, postage, and advertising costs of notifying those affected.

 

Sources:
1 - https://www.techworld.com/security/uks-most-infamous-data-breaches-3604586/
2 - Cyber Security: Small Business Guide 2017
3 - Ponemon Institute 2017 Cost of Data Breach Study