Cyber & Crime Insurance

Cyber and Crime insurance is a hot topic as increasingly high profile hacks, attacks and data breaches are being reported in the news.

With GDPR (General Data Protection Regulations) replacing the previous Data Protection Act in May 2018, it is becoming vital that businesses of all sizes look at how they deal with customers’ data, how they protect their computer systems, and what they do when a cyber incident occurs. 

The 2018 UK government Cyber Survey* showed the following statistics; 

Micro/Small Businesses

  • 42% of micro/small businesses identified at least 1 breach or attack in the last 12 months
  • Only 26% have formal cyber security policies in place
  • Only 19% have any cyber security training 

Medium/Large Businesses

  • 65% of medium/large businesses identified at least 1 breach or attack in the last 12 months
  • Average cost of a breach increased from £1,860 in 2016 survey to £8,180
  • Only 20% have a specific cyber insurance policy in place

 

*Source: Cyber Security Breaches Survey 2018: Department for Digital, Culture, Media & Sport 

How can a Cyber Insurance Policy help me? 

If you had a cyber incident (e.g. your computer network got locked by a ransomware attack) what would you do? 

  • Would you know who to call?
  • Could you continue trading?
  • Would your staff know what to do?
  • Would you be able to access your bank accounts to track customer payments or payments you need to make to suppliers?
  • If your customers found out, how would you prevent damage to your reputation? 

Cyber Insurance policies can not only provide the “traditional” covers of defending litigation and defending you in investigations by regulatory bodies, but they give you access to a team of experts via a 24-hour helpline, so you can quickly respond to any incident day or night. 

Your insurers will get the right IT, Legal and PR specialists into action immediately to identify and isolate the problem, repair any damage done to your systems, and minimize any recourse from the incident. 

Even if you outsource your IT, Insurers will ensure that they are involved in getting your business back operating as quickly as possible. Do you personally have the IT knowledge and Expertise to consult with your IT providers? A Cyber Insurance policy would get the best people in place to do this on your behalf. 

Cyber Crime can also be added to insurance policies to provide protection for your funds, and extended to include Social Engineering cover to protect against inadvertent transferal of money to a fraudulent source purporting to being someone they are not. 

Cyber and Crime Insurance can include cover for:

  • Network Security and Privacy Liability
  • Business Interruption
  • Data Replacement/Reinstatement
  • Data Breach Costs, Investigation Defence Costs and Crisis Management
  • Telephone Hacking
  • Digital Extortion
  • Cyber Crime
  • Social Engineering Fraud 

With Cyber and Crime insurance, we can look to provide protection against the New Crimes every business now faces. Every customer receives a dedicated account manager backed up by a knowledgeable support team, to offer advice whenever you need it. 

Please contact our commercial insurance team on 0121 778 5751, email us on info@richardwallis.co.uk, or select the "Request A Callback" button below to get a quote.
 

Are you more likely to suffer from Old Crime, or New Crime?