Cyber Attack Insurance is required now, more than ever. Cyber Attack Insurance protects against cyber security issues as well as data breaches. UK businesses are increasingly becoming victim to cyber crime and so the need for Cyber Attack Insurance is crucial in protecting individuals and their companies.
As technology is evolving and businesses are using more advanced software such as AI (Artificial Intelligence) IoT (Internet of Things) and Blockchain to secure successful business operations, the value of a strong Cyber Attack Insurance policy will only continue to grow.
The escalating rise in the amount of information a business stores and transfers electronically has resulted in a huge increase in potential cyber exposures faced by UK businesses. If you do not comply with the General Data Protection Regulation (GDPR), it now means that your business could be subject to heavy fines and sanctions from the Information Commissioner’s Office (ICO) https://ico.org.uk .
In an age where a stolen laptop or hacked account can instantly compromise the personal data of thousands of clients and customers, or an ill-advised post on a social media site can be read by hundreds in a matter of minutes, protecting yourself from cyber vulnerabilities is just as important as some of the more traditional exposures businesses account for in their general Commercial Insurance policies.
All trades are at risk – from the Financial Sector to the Retail, Charity and Hospitality industries. Taking online payments is only one of many potential cyber exposures that businesses face.
- What happens if you lose your customer or employee data or your IT systems are hacked?
- How will your brand reputation survive and how can will you train your staff to respond to customer complaints?
- Who is going to pay for the Data Protection regulator’s investigation and fines following a data breach?
- How will your business meet the costs of restoring, recollecting or recreating data after a leak or breach?
- Who is going to notify your customers of any changes on their credit reports if their details have been stolen as a result of a data breach against your business?
- Who is going to report the cyber incident to the ICO
- How will your business afford the costs of forensically cleaning your IT systems?
Cyber Attack Insurance – It isn’t just a matter of IF a cyber-attack will happen to your business, but a matter of WHEN it will happen!
Crendon Insurers offers bespoke Cyber Attack insurance packages that are specifically designed to address the risks that come with using modern technology – risks that other types of commercial business liability insurance simply will not cover.
Smaller Businesses are just as much at risk of a cyber-attack as the larger firms. SMEs may have less robust security in place and weak response plans; therefore, hackers may often also use small businesses as a backdoor means of generating profit to attack larger corporations.
Typically, the Cyber Liability insurance policy will cover:
- Damages following security failure or breach of Data
- Ransom & Extortion
- Costs to engage specialist organisations to minimise any loss of reputation
- Insured GDPR fines and defence costs.
Specific insurance policies are available to cover these risks as they are not automatically insured under any standard commercial insurance or Public Liability insurance policy. We will be pleased to discuss this area in more detail to see whether there is an exposure and if so, the options available to you through our annual 12 month Cyber Liability Insurance packages.
Please note – we also offer insurance cover for businesses and manufacturers who are looking to obtain data protection cover for the new General Data Protection Regulation (GDPR) and those using Internet Of Things iOT Technology to connect products to devices and require further protection against cyber liability, for more information please read our Internet Of Things iOT Technology Insurance page.
Data Protection / Cyber Attack Liability Case Studies
You can find out further information in our Data Protection / Cyber Liability Case Studies listed below:
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