“Highly recommend John Phillips. We’ve recently had to claim on our insurance due to the loss of our websites and the whole process has been SO efficient. Every company should have cyber insurance”
Here we have highlighted just a few of the ways cyber insurance can benefit organisations in your sector in a time of crisis:
This section of cover will generally pick up all of the costs involved in responding to a cyber incident in real time, including IT security and forensic specialist support, gaining legal advice in relation to breaches of data security. One of the most important aspects of a cyber policy is that it provides access to the right specialists when time if of the essence as well as paying for their services. This can be the great proportion of the costs of a claim.
This cover aims to reimburse loss of profits and increased costs of working as a result of interruption to a business’s operations caused by a cyber event. It works in a very similar way to traditional business interruption insurance except the trigger is a non-physical peril as opposed to a physical one. While third party liability claims tend to be less common in cyber insurance, it is still important to have cover for them under this section. This can help you to maintain good relationships and become a provider trusted for their robustness.
This cover will deal with any costs incurred should an individual or organisation take legal action against you over any alleged negligence in relation to your cyber activities. This is particularly important as there are likely to be many claims for compensation for distress following data breaches in the coming years whilst the parameters of this sort of claim are defined.
This is something that is not necessarily considered in the first instance however bad publicity can have a devastating effect on a brand as in the case of the Talk Talk breach where Dido Harding personally faced strong criticism for her response.
This can cover the cost of certain fines and penalties that a regulatory body might enforce on an organisation as a result of them having suffered a data breach in so far as these are legal.
Cyber Insurance Covers
It’s important to note that cyber insurance includes a wealth of other benefits which can be found here:
Cyber Risk Management Priorities
Insurance should only form part of your risk management strategy. Here is a brief overview of some of the areas we would advise you look into and how we can assist you to ensure your business is as robust as possible.
Cyber Risk Report – These reports can provide a score akin to a ‘cyber credit check’ which is given context by the peer to peer comparisons and can help you to know where to start when tightening up your security.
Cyber Security Training – Cyber insurers look favourably upon this sort of proactive approach and some providers even include an element of this sort of insight into their packages.
Cyber Security Certification – These certifications can provide reassurance to your clients that you take cyber threats seriously and can be a trusted partner in their supply chain.
Incident Response Planning – A comprehensive incident response plan will mean you are able to deal with any incidents and dramatically mitigate any losses you may incur.
Security Consultancy – For turnover of £1m – Audits. From penetration testing to regular consultancy with a virtual CISO.
A architect in Oxford sustained a loss when they were infected with ransomware which encrypted their designs unless they paid a £10,000 ransom. Their insurance was able to cover investigations into what occurred, pay the ransom and the loss of income due to disgruntled clients moving their business due to the delay.