Cyber Insurance

Protection available under Cyber insurance is becoming increasingly important with incident response services

Get indemnity™ cyber insurance

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Starting from £323 per year, or £26.91 per month for cyber insurance to protect your business.
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Obtain access to specialist response services to mitigate the damage of a cyber-attack.
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Ensure your business is protected in the digital age with get indemnity™ cyber insurance.
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Compare cyber insurance cost, cover and incident response services with online quotes.

What is cyber insurance?

Cyber insurance offers protection against first and third-party losses arising from security and privacy breaches. In an increasingly digital environment, technology has created many opportunities and threats.

The business insurance will typically cover a variety of financial losses and costs, in addition to assistance from cyber specialists to mitigate the damage of a cyber event. We've produced a useful guide: What is cyber insurance? Explained 1O1

Below we provide some background and explain how cyber insurance can protect your business.To compare cyber insurance quotes, complete our online application or give us a call on 0345 625 0711 to discuss your needs.


    Get indemnity™ cyber insurance

    Get indemnity™ cyber insurance starts at £323 and can offer cost effective protection against a variety of cyber threats with a response hotline, technical advice, legal input and forensic experts available.

    Most small to medium sized businesses do not have the the technical knowledge and legal resources in-house to deal with a cyber breach. We’ve produced a useful guide called: CyberCrime Prevention and Business Insurance Explained

    The potential impact of a cyber attack will often depend on the opportunities presented to the attackers and their motivation. Cyber insurance can offer financial protection and technical assistance from cyber specialists.


    What businesses should buy cyber insurance?

    With an increasing reliance on technology, all businesses should consider how they manage their exposure to a cyber attack or privacy breach. Cyber insurance protection can play a key role in supporting businesses of all sizes.

    Preventing and detecting a cyber attack at the earliest opportunity will limit the potential damage the attackers can cause. While, how you immediately respond after the attack can be just as important. Read our useful guide called Working from Home Cyber Security

    Many cyber insurance policies available today will provide access to specialists to mitigate the damage caused by a cyber attack or privacy breach, whilst offering a range of financial protections to assist your business.


    Cyber insurance coverage definition:

    Each insurer's cyber insurance definitions, exclusions and insuring clauses will be different and you should consider your needs with a specialist insurance broker. The broad cyber insurance covers are comparable under the below headings:

     

    Incident Response and Notification

    Incident response and notification means access to cyber specialists to mitigate the damage of security and privacy breaches. Cyber coverage can include: IT security, forensic investigation, legal advice, and the costs associated with notifying any individuals their data was stolen.

     

    Cyber Extortion

    Cyber extortion insurance means cover for the costs in responding to fraudsters attempting to extort money by threatening to carry out a cyber attack or threatening to expose/destroy data having already compromised the network.

     

    System Damage

    System damage insurance means cover for the costs of data and applications to be repaired and restored in the event computer systems are damage from a cyber attack, often critical in getting the business operating again.

     

    Business Interruption

    Business interruption insurance means cover for the subsequent loss of profits and increased costs of operating as a result of a security and privacy breach. Cyber insurance will typically respond in a similar way to traditional business interruption, but in response to a cyber event.

     

    Cyber Liability

    Cyber liability insurance means cover for your legal liability for damages and defence costs from third party claims arising from a security and privacy breach. Cyber insurance can offer protection from failure to prevent an individual's data being breached or transmission of harmful malware to a third party.

     

    Media Liability

    Media liability insurance means cover for your legal liability for damages and defence costs from third party claims arising from infringement of any intellectual property rights. Including libel, slander or defamation via an electronic platform.

     

    Regulatory Fines

    Regulatory fines insurance means cover for fines and penalties imposed by a government or regulatory body as a result of a security and privacy breach, where permitted by law.

     

    The above sections can be selected or deselected to tailor cover to meet your individual needs. Compare get indemnity™ cyber insurance quotes from the wholesale market by completing our online application.

    Some insurers have recently sought to combine the covers available under cyber insurance and crime insurance, typically referred to as cyber and crime insurance.


    How do insurers calculate your cyber insurance cost?

    Insurers are confronted with a number of challenges in attempting to accurately price your cyber insurance cost. For example, the diversity of exposures from different business activities, technological advances and increasing sophistication of criminals.

    Therefore, the pricing and cyber coverage that underwriters are capable of offering is highly subjective and heavily dependent on an underwriters individual assessment. Below are key considerations when underwriters review your cyber insurance cost:

    • The allocation of turnover between different business activities and the perceived exposure attaching to each will impact your cyber insurance cost.

    • The quality of controls to mitigate a risk and the amount / type of data you collect and store will impact your cyber insurance cost.

      • Approximately how many individual GDPR Personal Data records do you hold?

      • What percentage of the above records do you hold banking or credit / debit card information?

      • Are you Payment Card Industry (PCI DSS) compliant? If 'Yes' please confirm your PCI merchant level.

      • Are your employees trained in physical and electronic data security?

      • Do you maintain firewalls, antivirus software and encryption tools?

      • Have you considered your privacy policy in conjunction with GDPR regulation?

    • The size and scope of an applicant's activities territorially, typically an international exposure will increase your cyber insurance cost.

    • Frequency and severity of claims with a lack of remedial action, will indicate a lack of quality risk management and systemic issues.

     

    Business activities perceived as having a higher cyber insurance risk:

    Accountants, Call Centres, Collection Agencies, Casinos, Data Aggregators, Education Sector, FCA Regulated Firms, Hospitals, Hotels, Payroll Services, Professional Services, Restaurants, Solicitors, Telecommunications, Telemarketing, Trading Platforms, Online Gaming, Payment Card Processors.

     

    What is cyber insurance definition?


    Crime insurance vs cyber insurance?

    Cyber crime can be covered under both cyber insurance and crime insurance, however each policy seeks to mitigate the impact in different ways.

    Crime insurance definition vs cyber insurance definition
     

    Different insurers offer varying scope of cover, your desire to purchase specific covers (i.e. social engineering fraud or business interruption) will impact which cyber policy best meet your needs.


    Leading cyber insurance providers:

    As a specialist insurance broker, we work with a range of cyber insurance providers to provide our clients access to a range of products and services to manage their risk. 

    Leading cyber insurance providers include: AIG, Allianz, Beazley, Chubb, CFC, Hiscox, Markel, MPR, and QBE.

     

    Leading cyber insurance providers include: AIG, Allianz, Beazley, Chubb, CFC, Hiscox, Markel, MPR, and QBE.


    What are the cyber insurance market conditions?

    At get indemnity we continue to see soft cyber insurance market conditions and reduction in premiums available. Increasing competition within the cyber insurance market means cover offered by insurers continues to expand with numerous extensions currently available.

    If your organisation is perceived as carrying a high exposure or you have recent claims activity, your cyber insurance broker should engage with you early to ensure sufficient strategic planning to achieve a satisfactory renewal.

    Complete our online application to compare cyber insurance quotes. We can typically provide quotes within 48 hours and provide a variety of options based on the information provided.

    We are proud to be experts in cyber insurance and are happy to field any enquires you may have. If you would like to discuss, please contact us on 0345 625 0711.

     

    Cyber insurance coverage explained


    This guide is for information purposes and based on sources which we believe are reliable, the general risk management and insurance information is not intended to be taken as advice with respect to any individual circumstance and cannot be relied upon as such.