What is Cyber Insurance?
In a hurry? Find out what cyber insurance can do for your business in under 90 seconds in this video.
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Our business is fast-paced and when the management board makes a decision, the speed of implementation is key. We used cyberinsurance.co.uk to gain a better understanding of our coverage needs, get a quote, and ultimately buy a cyber liability insurance policy.
Hari
CTO at Kuflink PLC
Having a source to lead our clients through their understanding of what cyber insurance is and what it covers always helps us have better quality conversations. We are a natural go-to for all things business-related and to be able to use the guides on cyberinsurance.co.uk is extremely helpful to our business customers.
Ian
Founder at Accounting Help Ltd
Having been hacked back in 2018, I decided to have a cyber insurance policy in place to protect my business, my suppliers my customers, and my family and friends from cyber-related incidents. Cyberinsurance.co.uk took care of everything from my initial research requirements to having a policy in place 24 hours after initiating a quote.
Phil
Broker at Bridgedevelopment
Cyber risk is applicable to every size business
If your employees have been subject to a phishing scam — that’s a business issue. If you have had your customer records accessed illegally — that’s a business issue. Protect your business against cyber disruption today.
£22,700
is the average business cost of a data breach
59%
of SME’s do not have a dedicated IT department
44%
of staff regularly use their own personal device for work related purposes
Key benefits to cyber insurance
SME's today work in a fast paced environment with technology playing a central role in accounting, online banking, taking payments, sending invoices and communications.
Don't get caught out by cyber criminals out to steal your data or install ransomware by compromising your business.
Peace of mind for you and your staff
A cyber security insurance policy compliments your own cyber security protocols and internal employee training for that cyber related eventuality you may not be able to legislate for.
Access to expert guidance or professionals
Get access to professional advisors with area expertise in all forms of cyber related incidents and let them guide you through any type of cyber related event.
Policies designed for Business
Cyber insurance specifically for business providing flexible policies designed around the range of coverage your business deserves.
Cyber insurance coverage and how much does it cost?
Pick from our broad range of specialist covers and tailor them to your business to get the exact protection you need. Change or cancel your subscription anytime from your online account.
ADVANCED
£25
per month
Standard Plus
Theft or Transfer of funds
Telephone Hacking
Theft of Digital Assets
System Failure
STANDARD
£21
per month
Lite Plus
Business Interruption
Cyber Extortion
PR & Reputation Recovery
Credit Monitoring Cost
LITE
£9
per month
Breach Investigation
Hacker Damage
Legal cost of GDPR Investigation
Notifying clients of a breach
We protect all industries
If you don't see your industry please get in contact.
START UPS
ACCOUNTANTS
SOLICITORS
DOCTORS
ASSET MANAGERS
FREELANCERS
RETAIL
RESTAURANTS
HOTELS
WHOLESALER
Frequently asked questions about Cyber Insurance for Business
Cyber insurance generally covers a business for any liabilities that may be connected to a data breach which may involve personally identifiable information such as payment card details of customers, bank account details of suppliers, health records or names and addresses.
If your business stores, exchanges or trades in any form of personally identifiable or business sensitive data then it will have a liability in the even a data breach occurs. Cloud based storage of data or password encryption is a first line of defence against data breaches, however cyber insurance provides cover post a breach event where a business may incur 3rd party claims for damages.
Cyber insurance, also known as cyber liability insurance, is an insurance policy which protects a business against the eventualities of a malicious data breach. Cyber criminals are actively targeting small businesses which can be in the form of ransomware or social engineering to divert payments to bank accounts controlled by cyber criminals themselves. A policy will look to minimise business interruption and limit GDPR fines with legal support included.
Cyber insurance policies do not include cover regulatory fines, although costs associated with presenting your case will be. There is no coverage for software or hardware upgrades post a cyber breach, loos of future profits and you must check with your specific provider on their handling of Intellectual Property claims.
Cyber insurance policies are relatively inexpensive compared to the average cost of a cyber breach a business is potentially exposed to. Gaining access to professional advisors, covering legal expenses and defeding claims against 3rd parties can get expensive. Policies start at £9/ month and are uncapped depending on the level of cover required.
