Cyber insurance covers the losses relating to damage to, or loss of information from IT systems and networks.
Do you need to have Cyber Liability Insurance?
As a business, it is likely you will rely on information technology (IT) infrastructure to some degree. If so, you will be exposed to the risks of business interruption, income loss, damage management and repair, and possibly reputational damage if IT equipment or systems fail or are interrupted.
While existing insurance policies such as commercial property, business interruption or professional indemnity insurance, may provide some elements of cover against cyber risks, businesses are increasingly buying specialised cyber insurance policies to supplement their existing insurance arrangements, particularly if they:
hold sensitive customer details such as names and addresses or banking information;
rely heavily on IT systems and websites to conduct their business;
process payment card information as a matter of course.
An essential consideration for all businesses, therefore, should be cyber security and information protection. Hackers and thieves know no bounds, and it isnt necessarily the size that counts but the value of the data held or the profile of a company website.
Key aspects of cover:
Third Party Liability
Failure to properly handle, manage, store or destroy data
Transmission of a virus
Infringement of intellectual property
First Party Liability
Data breach, forensic, security and crisis management services
Cyber business interruption
Regulatory defence and penalties
Please contact our dedicated helpline 0800 197 5515 to discuss your requirements or complete the Request a Call Back form and one of our team will contact you.