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Cyber Insurance

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We live in the virtual age and, while it has opened new avenues for businesses to connect with clients, having digital operations comes with its risks.

Cyber criminals are becoming more and more savvy and ruthless. A survey by the Government estimated 61% of large corporations and 31% of small businesses had suffered a cyber breach in 2018. A cyber security breach can cost large businesses over £20k and small businesses more than £3k on average.

Whatever your business model, it is likely that you will use some degree of information technology, whether this is e-commerce operations, storing clients’ data digitally or merely sending emails internally and externally. Just as you would protect your physical assets, safeguarding your digital assets is equally as vital. A Cyber Liability Insurance policy can offer a helping hand in the event that hackers breach your system.

What is Cyber Insurance?

In insurance terms this is a relatively new but now very popular insurance policy.  It insures the financial costs and resulting liability when electronic data is unlawfully obtained by a third unidentifiable party, this would include mal ware.

Most claims original from the innocent or deliberate participation of an employee, examples being social engineering, phishing and the inadvertent click on a fraudulent email link.

Such have been the high number of loses in the past years with resulting claims that insurers are now seeking significantly higher premiums than in previous years.  Losses are so often and significant to the company’s prosperity that we would recommend that this insurance is purchased.

For a more detailed description please call us or seek a copy of the appropriate policy wording.

We’re here to help. Call our friendly professionals on 0207 929 4616 to discuss your Cyber Insurance options.

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