Cyber Insurance

An insurance policy designed to financially protect all kinds of businesses should it fall victim to a cyber-attack or online data breach.

Cyber insurance helps you recover losses which your business might suffer, having had its IT networks and/or systems damaged, or having lost information from those systems. In a world in which business is so reliant on IT, such damage or loss of vital information can be financially distressing, operationally traumatic and potentially the basis of legal action against you.

There are two things to consider; damage to your own business and the impacts your IT problems cause to others. The cover on most general commercial insurance policies is either not valid in a serious cyber incident, or insufficient.

Cyber insurance is so relevant a cover, because it can:

• step in following a security or privacy breach, reimbursing you for numerous losses. Data breach insurance includes the cost of restoring data and IT systems, paying ransom demands, and the financial cost of replacing stolen equipment and data.
• provide a means of recovering emergency expenses and the costs of notifying customers, as well as recouping trading losses during cyber incident-related business interruption.
• offer expert technical assistance, providing you with IT expertise from the first notification of an incident, so that IT analysis can take place, systems be cleansed and restored, if possible, and the breached gaps in security plugged, very swiftly.
• minimise disruption, by speeding up the IT restoration process far quicker than you could probably achieve on your own.
• provide consultancy expertise, should you have a crisis management scenario to tackle, in order to limit the damage to your business’s reputation.
• provide cyber liability insurance, covering defamation, breach of privacy or negligence by your business, which results in harmful material appearing in electronic media.
• mitigate risks, encouraging the preventative actions that can help prevent an attack.

With businesses typically operating desktop systems, networks, tablets and other internet connected devices, some outside of the workplace or used at home and connected to public or private networks, there are many ways in which cyber-related incidents or thefts of data can occur. Cyber theft outstrips all other kinds of theft, so standalone cover should not be ignored.

As part of your package, we can include business support should you experience a cyber-attack and can include, if required, incident response, IT forensics, public relations advice, and defence costs. Contact our insurance brokers in Nottingham for more information and support.