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Cyber Liability Insurance

An evolving digital world means that businesses are becoming increasingly vulnerable to cyber threats.

An evolving digital world means that businesses are becoming increasingly vulnerable to cyber threats.

Rapid changes in technology makes it harder for businesses to protect their online systems. That is why it is crucial to have an extensive risk management and insurance product in place, safeguarding the future and reputation of your operation.

You should consider Cyber Insurance if your business relies heavily on IT systems or its website, holds sensitive customer data on online systems, or uses an online payment system.

With this type of insurance, you can be covered for the costs of loss or damage to digital assets, business interruption, cyber exhortation, legal expenses, reputational damage, privacy breaches, loss of third-party data and theft.

Organisations are increasingly placing data and networks at the centre of their operations and they can face significant financial losses if a cybersecurity incident occurs. We can offer a flexible policy that allows businesses to select coverage that match their requirements.

Cover options available:

  • First response cyber hotline
  • Telephone hacking
  • Network Interruption System failure
  • Electronic Data Incident
  • Network Interruption
  • Data Protection
  • Computer Crime

Cyber Threats Figures

62% of all business that have been attacked are small or medium size.

£2.53M Average cost of a UK data breach in 2016 up since 78% since 2008.

Claim examples for SME’s.

Accountants, size of business £1.5m Two employees opened an infected word document which downloaded Crypto Locker Malware on to a client network preventing users to access their data. Network was down for 32Hrs. Total costs of claim - £48,305.00

Retailer, size of business £3m. A third party payment provider suffered a breach affecting 5,000 of the insured customer records. Total costs of claim - £51,372.44.