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What is Cyber insurance?

The modern world moves at a quicker pace than ever before, and the range of cyber threats is evolving even faster. Theft or loss of data, data breaches, malicious cyber hacks, social media and website misuse, unauthorised system access, hacking, ransom and extortion, as well as a huge range of email threats are just the main risks that a business faces on a day-to-day basis.

Cyber insurance policies provide cover for first party risks, which is your business, and third-party risks. Cover is provided for liabilities and your own losses, such as IT security, legal and regulatory costs, something that can run into the hundreds of thousands, and help your business continue to trade.

First party risks covered include the financial as well as the reputational costs if data or electronic systems have been lost, damaged, stolen or corrupted, the costs of investigating the cybercrime, and where applicable attempting to recover the lost data. There is also the option to include cover for risks such as the restoration of computer systems, reputation management, loss of income incurred by a business shutdown, extortion payments demanded by hackers, and costs for where you are required to notify affected third parties.

Third party risks covered include damages, settlements, and the legal cost of defending the business against claims of a GDPR breach.

Cyber Insurance Policy Features

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First Party Costs

Sit back and relax in the knowledge that the costs of investigating the roots cause of the breach, recovering lost data, loss of income, getting systems back to their original state, extortion payments, notification costs as well as reputational management fees are covered.

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Third Party Costs

Not only are your costs covered, but also those of any affected third parties who make a claim against you. You’re protected against the costly legal fees for professionals to defend the matter, and also any resulting damages and settlements awarded against you.

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PR Management

When the worst happens it isn’t just fixing the IT systems and data breach that is crucial, but the PR message that goes out to safeguard the businesses reputation. Experts will work closely with you to guide and advise on how to manage the situation to clients and the public.

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Common Cyber Insurance Questions

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Do I need cyber insurance?

It’s rare for a business in the modern world not to have email, a website or store customer data electronically. If you store, use or send electronic data then you need cyber insurance to protect against the constantly evolving range of cyber threats.

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Examples of cyber crimes

– Hacking & system takedowns
– Ransomware & extortion
– Phishing attacks
– Malware

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We're too small to be attacked

Cyber attacks come at lightning speed and aren’t just aimed at multi-million pound businesses. Many small businesses are targeted due to their naivety, lack of insurance and generally being easy prey for savvy criminals.