The key covers in cyber risk policies are detailed below. Click the arrows to see examples illustrating the purpose of each area of cover.

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Just two simple examples:

  1. By selecting the wrong spreadsheet, an employee could inadvertently distribute personal, sensitive data, thus breaching terms of privacy.
  2. By accidentally leaving a laptop on a train, employees’ or customers’ personal, sensitive data could be compromised.

Both are examples of data breaches and could result in financial claims being brought by third parties against your business.

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An attack on your hosting service provider could disable your website and cause you to lose business. Business interruption protection will help you recover your losses. 

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This product helps cover the costs of forensic and technical services to support you through to recovery during any cyber incident. Access to funds to cover the cost of expert advice could be invaluable when a security breach or cyber-attack occurs.

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If your system is hacked as a result of an unidentified vulnerability and data is stolen, you could be accused of not effectively managing and suitably protecting your network and individuals’ or businesses’ data. Insurance will protect you against the cost incurred.

‘Ransomware’ is a type of software often used to extort money from businesses. Systems are blocked and access to data is hindered until a ransom is paid. Insurance helps cover your business against this growing threat.

Data is one of the most valuable assets a company can have. You can protect your business against loss of data or the costs associated with re-keying and/or restoring data by purchasing appropriate insurance cover that guards against data asset loss and data restoration – including decontamination and recovery.

An internal email is errantly released to an external individual. It contains negative comments about a third party organisation.  Action is taken for defamation by the third party against your business. Media Liability is designed to help cover the costs.

Criminals use deception to access your private business accounts and transfer cash. Your insurance policy offers cover. 

The costs associated with defending your business are covered. Cover is also provided for costs associated with bringing action against third parties to recover losses incurred.

Can cover for the cost of employing a Public Relations company to manage and minimise the reputational risks of your brand in the event of a data / security breach or cyber-attack.

The cost of defending formal administrative or regulatory proceedings; for example, those initiated by the Health and Safety Executive; the Office of Fair Trading; or the FCA.

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