What type of businesses need cyber insurance?
The rapid shift to digital means processing third-party data within your IT systems and remote working makes most firms vulnerable to ransomware and supply chain attacks.
Around half of UK SMEs report some kind of cyber-attack annually, however robust your IT policies and procedures, you could still be affected.
This is particularly prevalent in industries such as finance where large quantities of sensitive data are held. Any financial services business operating without appropriate cyber cover in place is running a high level of unprotected risk.
With a predominantly online presence, FinTech and app based businesses have a high risk of sharing or losing sensitive/personal data, or being subject to a cyber attack in the form of a ransomware attack or social engineering.
How much does cyber insurance cost?
A cyber attack can have a dramatic impact on your IT systems and add costs to your business after the event, so getting the right policy is crucial.
Cyber policies will typically offer coverage for: first-party, covering direct losses to the policyholder and third-party, protecting the policyholder against claims from third parties such as customers or partners.
Most cyber & data policies will provide cover for forensics, fines and investigations, notification, legal & PR and other liabilities.
We can support you to find the right policy for your businesses needs.
Do only large firms suffer from cyber-attacks?
It is no longer only larger businesses that are being attacked. Due to the potential financial rewards, cyber-attacks are happening with a much greater frequency on smaller and medium-sized businesses, potentially due to the perception that they could be easier targets as well as the increased working from home due to Covid resulting in gaps in security precautions.
What extensions are available on a D&O policy?
Some extensions include additional limits for non-executives, crisis loss or emergency costs cover and representation for investigations. Additionally, where not included as standard, there is the option to include Employment Practices (EPL) & HR issues such as employee discrimination claims including unfair dismissal, harassment, or failure to promote a person.