“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”
According to the Hiscox Cyber Readiness Report 2020 only 22% of organisations are covered by specialist cyber insurance. Policies can vary greatly in the scope of their cover: Liability is covered by 78% of cyber insurance policies, electronic data by 75% and legal or investigative fees by 69% with only 52% percent of covering loss of income or cyber extortion losses and only 35% covering reputational damage.
Based on this it is easy to see why there could be some reluctance if it feels like no one is sure exactly what value they are getting from a policy. This is why it is so vital to have a broker who is able to discuss these concerns with you.
In the past cyber insurers referred to these policies as ‘cyber liability’ policies. As noted above this is still a component however this is actually slightly misleading when it comes to the type of claims that occur and the costs which can be involved.
The majority of claims are for first party losses rather than paying for third party compensation. The breakdown is as pronounced as 96% first party versus 4% third party for CFC Underwriting. This contrast shows how, in truth, cyber insurance policies are key to protecting your business and your assets.