Allianz Cyber Insurance Review

With a plenty of experience in cybersecurity, Allianz protects organizations across the globe against digital threats daily. We take a closer look at how their cyber insurance cover protects UK business owners.

Who is Allianz?

Allianz are a global financial services provider, offering insurance policies to millions of businesses and individuals worldwide.

They offer a range of policy options for business owners in the UK, including bespoke insurance options that offer cyber protection. 

Allianz cyber cover options

The types of risks covered by Allianz for businesses in the UK include:

  • First-party losses including business interruption, restoration, and crisis communications.
  • Third-party losses including data breaches, network interruption, and notification expense.

Specific risks covered by Allianz UK are:

  • Personal and cooperate data breaches
  • Breach costs covering client notification and IT forensic costs
  • Network security liability
  • Media liability
  • Coverage for business interruption
  • Restoration costs
  • Crisis communication from the IT forensic support team
  • Crisis communication to mitigate damage

Comprehensive Allianz cover includes:

  • Business interruption: with an indemnity period that covers profits lost up to 180 days following the event, automatically starting 12 hours of business interruption.
  • Privacy and confidentiality breach: that covers the financial loss from a data breach.
  • Data breach response: including legal advice costs, call centre costs, and credit monitoring costs are covered to help your business regain its control back.

This comprehensive cover option gives extensive cyber protection for business owners in the UK, in addition to the specific risks covered by a standard policy. 

Additional cyber cover options from Allianz

Cyber Select from Allianz

Cyber Select is a new proposition providing your business with high-quality cyber insurance, allowing crucial incident response services. 

Cyber Select offers crisis management cover for your business if a breach is suspected or occurs.

Fees and expenses are covered by Cyber Select enabling an IT forensic expert to contain the breach.

In 2018 the most common fraud in the UK was cyber-crime with cyber incidents also topping the 2019 Allianz Risk Barometer as the key corporate risk for UK businesses.

Product spotlight: Allianz Cloud Protection+

Cloud Protection+ is another product offered by Allianz designed to specifically protect their clients from cloud based cyber risks.

It offers enhanced protection for businesses that rely on the cloud and other online Google services and could be vital if you’re a SAAS or online business owner.

What are the key features of Cloud Protection+?

  • Customer-specific coverage tailored specially for Google customers.
  • Efficient infrastructure allowing for a faster and a more efficient process.
  • Leading insurance carriers such as AGCS and Munich Re

How does Allianz Cyber Cover protect your business?

Shielding businesses from financial impact caused by breaches in computer systems, Google Cloud services, or critical IT systems of third-party IT providers.

Broad first-party, third-party and liability coverage is available with an Allianz insurance policy.

First Party Coverages

  • Business Interruption
  • Contingent Business Interruption
  • Restoration Costs
  • Cyber Extortion
  • Crisis Management Costs

Third-Party Coverages

  • Privacy and Network Security
  • Regulatory Fines and Penalties
  • Payment Card Industry Liability
  • Media Liability

You can also add Google Cloud-specific coverage enhancements including:

First Party Google Coverages

  • Business Interruption Loss
  • Contingent Business Interruption
  • Trade Secret Loss

Third-Party Google Coverages

  • Liability Resulting from Google Services
  • Bodily Injury or Property Damage

Allianz ransomware cover

Ransomware is a type of malicious malware which is designed to access a computer system to take over your desktop, emails, locking you out of your device and encrypting files. The cybercriminals will then demand a ransom for your computer to be restored.

Allianz cyber cover includes protection from ransomware attacks and access to response teams to help manage responding to any attack.

Allianz Cyber Insurance FAQs

What if I experience a breach out of office hours?

In case of any actual or suspected cybersecurity breach, you will have access to a 24/7/365 hour incident response telephone service on 0203 451 3679.

Why Allianz?

Allianz Insurance plc is one of the largest general insurers in the UK and part of the global Allianz Group.

They‘ve been writing cyber insurance since the 1990s meaning we have long-standing expertise and a solid position in the market.

Can I email my case handler?

Yes, you can email your case handler 24/7 at cyberclaims@allianz.com.

What is Allianz Cyber Insurance?

Cyber insurance covers losses relating to the unauthorized use of IT systems or a data protection incident.

I only run a small business do I need Cyber Insurance?

Yes, any business can be a target. Cybercriminals don’t discriminate by company size or type. In 2018, 31% of micro and small businesses and 61% of large firms identified breaches or attacks*

Any business which stores digital data can be at risk of an attack or data breach.

Martin Lane
Written by Martin Lane, Head of Content

Cyber insurance buying guide for SME’s

2021

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