Cyber insurance and/or cyber and data breach insurance is a form of cover designed to protect your business from digital threats, such as data breaches and malicious cyber attacks. Since it’s important that you know what cover you may need, our cyber checklist can help.
A business is responsible for its own cyber security, however in the event of a cyber attack having the right insurance enables you to be fully supported through the process. Cyber insurance cover can provide crucial expert assistance to help your business get back on its feet. Take a look at our cyber checklist to find out more.
So, how does cyber insurance work and what does it cover?
In the event of a cyber attack, our cyber insurers provide (i) experts to mitigate the financial cost to your business, (ii) experts to get your systems and data repaired/restored and (iii) cover for the resultant loss of revenue or increased working costs should the attack bring your trading to a halt or impact on your ability to trade normally.
Additionally, our insurers provide cover for legal costs involved in informing regulators and customers of the situation, as well as legal fees if your company is sued for breach of personal data.
Furthermore, our insurers provide the option to cover £50,000 Fraudulent Instruction, £50,000 Funds Transfer Fraud and £50,000 Telephone Fraud, for a small additional cost.
Do you currently have a cyber insurance policy?
If Yes, it’s worth checking what your Policy includes, as cover can vary greatly! Our following Cyber Checklist may assist in this respect:
Does your policy include cover for:
(i) Recovering / Recreating / Reinstating Data following the alteration, corruption, destruction, deletion or damage to data due to a cyber attack? Yes / No / Don’t Know
(ii) Cyber Extortion e.g. ransomware demands? Yes / No / Don’t Know
(iii) Business Interruption e.g. your loss of revenue following a cyber attack? Yes / No / Don’t Know
(iv) Dependent Business Interruption e.g. if a supplier suffers a cyber attack which impacts on your business? Yes / No / Don’t Know
(v) GDPR Notification Costs & Regulatory Defence in the event of a Data Breach (Digital & Paper)? Yes / No / Don’t Know
(vi) PCI Fines, Expenses and Costs? Yes / No / Don’t Know
(vii) Cyber Liability & Website Media Content Liability? Yes / No / Don’t Know
(viii) Fraudulent Instruction / Funds Transfer Fraud / Telephone Fraud? Yes / No / Don’t Know
Does your policy provide:
(i) Legal Services, Public Relations and Crisis Management Services i.e. to coordinate the expert forensic, legal, notification and credit monitoring services to satisfy all legal requirements and maintain customer confidence in the event of a cyber incident? Yes / No / Don’t Know
(ii) A Criminal Rewards Fund (for information that leads to the arrest and conviction of any individual(s) committing or trying to commit any illegal act related to any coverage under your Policy)? Yes / No / Don’t Know
(iii) Periphery covers such as Bricking (Computer Hardware Replacement), Reputational Harm and Voluntary Shutdown? Yes / No / Don’t Know
If you don’t currently have a cyber insurance policy in force, do any of the following apply to you?
(i) We haven’t been asked by our customers / suppliers / regulatory bodies to have cover Yes / No
(ii) We haven’t even considered the need for cover Yes / No
(iii) We don’t want to incur additional insurance costs Yes / No
(iv) We don’t perceive our business to be at risk Yes / No
(v) We outsource our IT and thought our cyber risks were eliminated because of this Yes / No
(vi) Other (please provide details)
Cyber is a relatively new and ever evolving area of insurance and is often misconceived as being costly. Do visit our website to access our useful free resources to help ensure that your business is as robustly protected: https://www.insurance2day.co.uk/cyber-data-breach-risks/. If you have any questions or queries in relation to cyber insurance or our cyber checklist, we are here to help! If you would like a quick cyber quote for your business just answer 3 easy questions.