What protection can I expect from Cyber insurance?
Data breach – support including forensic investigations, rectification costs and legal advice
Hacker damage – covering the costs of repairing or replacing systems damaged by hackers
Privacy protection – costs and penalties (where legally insurable) incurred for failing to keep customers’ personal data secure
Data extortion – protection against ransom demands from criminals
Notification costs – help in notifying customers (data subjects) and regulators following a breach
Third party liability – consequent liability to third parties including costs incurred for the unintentional transmission of a virus
Cyber business interruption – compensation for loss of income, increased costs and damage to reputation
Intellectual properties – cover for infringement of copyright through online activities
Telephone phreaking – covering compensation in the event that your telephone system is victim to hacking, which may result in expensive call charges
Defamation – accidental libel caused through an electronic communication
Credit checking – costs for monitoring data subjects following a breach
This relatively new insurance product has been created in response to the growing threat to all businesses who have an online presence or store personal data.
There have been many recent high-profile cases of data breaches suffered by large companies, leading to a misconception that SME businesses are not a target of cyber criminals. The truth is quite the opposite. In fact, smaller businesses are perceived to be an “easy” target by hackers, who can infiltrate systems to embed viruses, steal data, deny access and hold businesses to ransom.
A UK government report states that over 60 per cent of small businesses have suffered a data breach in the past year. The subsequent average cost to an SME is between £35,000 and £65,000.
Cyber liability insurance policies can provide both first party and third party liability cover. The increasing cyber and data threats to businesses exist not only from external means but also from within.
Internal risks include the electronic transmission of a virus to a third party through an email, dishonest behaviour from an employee (i.e. passing customer data to a third party) or perhaps a simple moment of forgetfulness such as leaving a lap-top on a train.
Why do you need this insurance?
Can you answer yes to any of these statements?
You have an online presence
You store personal data
You need expert assistance in protecting your computer systems and data from potential threats
You are concerned that a member of staff may open a phishing email and introduce a virus to your computer systems
You require crisis management support to limit losses and protect the reputation of your business following a data breach
You would like to benefit from practical advice, forensic IT specialists and legal support following a cyber or data loss
In order to conform with the Data Protection Act (1998), you would like support in informing customers and the Information Officer (ICO) following a data breach.
You would like insurance covering the costs involved with a data breach and any subsequent penalties (where legally insurable)
Why use Glentworth for cyber liability insurance?
Glentworth has access to all secure UK insurers who provide cyber and data insurance.
Many businesses believe that their traditional insurance protections already provides cyber cover. However, more often, this is not the case. Therefore, please contact Glentworth for the expert advice that you need.
Glentworth provides clear and impartial advice, delivered in friendly manner. We will take time to explain clearly the benefits of your policy and any conditions or restrictions that apply.
We also assist our clients in managing their risks, to help reduce the likelihood of a loss. However, if our clients need to make a claim, a familiar face from Glentworth will be there to help when it's most needed.