CYBER INSURANCE
Instant Online Quotes & Apply
RATED 5 STARS ON TRUST PILOT
or
Call Us 020 71128844
- Best Price Guarantee
- Whole of Market Access
- FCA Authorised Advice
About Cyber Insurance
If you run your own business in the (almost 2020s) there’s an excellent
chance that digital tools are a huge part of your business operations.
The world is changing. Over the past few decades, technology has become an increasingly common presence in our day-to-day lives. With the advent of digital interconnectivity, technology has now virtually become a part of us. We feel naked without our smartphones, tablets and other devices and we reach instinctively for them an average of 52 times a day. Every time we need to answer a question, make a purchase or get in touch with a friend, we’ll usually reach into the digital realm to do so. Of course, the ubiquity of digital technology hasn’t just changed the way we live, it’s completely transformed the way we work and do business.
If you run your own business in the (almost 2020s) there’s an excellent chance that digital tools are a huge part of your business operations. They help to make your processes faster and more efficient. They help make your employees more accountable. They reduce your need for redundant personnel and ease pressure on frontline employees as well as helping businesses stay more connected with their clientele than ever before. In the 21st century, a business is only ever as strong as its IT infrastructure.
As such, in an era where businesses have near-constant threats from cyber criminals such as ransomware, phishing, and all manner of malware, it behives them to protect themselves. As well as having the right cyber security redundancies, businesses should also consider taking out cyber protection insurance. Here we’ll look at everything you need to know about this form of insurance, what it covers and why you may need it.
What is Cyber Insurance?
Cyber insurance (also sometimes referred to as cyber liability insurance or
cyber risk insurance).
Cyber insurance (also sometimes referred to as cyber liability insurance or cyber risk insurance) is a policy designed to protect businesses from the ever-evolving threats which are growing increasingly common in this interconnected digital age. It is intended to mitigate risk, loss and downtime in association with such as data breaches or malicious cyber hacks on the business’ IT infrastructure.
Of course, having cyber protection insurance doesn’t mean that businesses shouldn’t build robust cyber security redundancies into their IT infrastructure. Having a cyber insurance policy in place won’t make you any less likely to be targeted by cyber criminals or hackers.
What it does mean, however, is that if the worst should happen and your business should fall prey to a malicious cyber attack, you won’t be on your own. Your cyber liability provider will help to give you the crucial support you need to keep your doors open and prevent the attack from sending your business operations grinding to a halt.
Start with My Key Man Insurance
What does cyber insurance cover?
As in any kind of insurance, there are a multitude of different cyber
insurance policies on the market and the cover extended by them may vary
greatly depending on the product or provider you choose.
Typically, however, if a cyber attack should befall your business, most policies will cover the lion’s share of associated costs. These might include first-party (the business involved) and third-party (the claimant affected) financial and reputational costs incurred when data or electronic systems have been damaged, corrupted, stolen or lost.
For the business involved, cover will usually include the costs associated with investigating the cybercrime, as well as recovering any data which has been lost in a security breach. In most cases it will also cover costs associated with the restoration of computer systems, as well as the loss of income incurred when the business needs to temporarily shut down.
Other costs covered may include reputation management, payments of extortion in the case of a ransomware attack, and notification costs, in the event that your business is required to notify third parties affected.
Cover for third-parties will usually include the cost of damages and settlements, as well as costs associated with legal defense against claims made against you in the case of a data breach or legislative breach (e.g. GDPR).
Broadly speaking, types of cyber liability insurance fall into the following categories:
- Hacksurance – Insurance against hacking and malware attacks from cyber criminals.
- Theft and fraud – These policies cover destruction or loss of your business’ data in the event of criminal or fraudulent digital activity, including (but not limited to) the theft and illegal transfer of funds.
- Forensic investigation – When a cyber attack occurs, it can take a great deal of time and effort to get to the bottom of its causes and make appropriate steps to ensure that it never happens again. As such, forensic investigation cover bears the cost of forensic, technical and legal services necessary to establish whether a cyber attack has occurred, assess the extent to which it will impact your business and take appropriate measures in response to stop an attack.
- Business interruption– While all businesses hate downtime, there are many instances where it becomes unavoidable. Cyber crime instances are among them. This kind of insurance covers lost income and any other associated costs where the policyholder cannot conduct business as usual due to a cyber crime event, and loss of data or IT infrastructure.
- Extortion – As previously stated, in many ransomware attacks, businesses have no recourse other than to pay the extortion. Extortion cover helps to ameliorate the costs associated with investigating threats to commit cyber attacks against your business’ computer systems as well as covering payments to extortionists who threaten to obtain and disclose sensitive information that could cause irrevocable damage to your business.
- Reputation Insurance– In business, no resource is as important as your reputation. That’s why this form of insurance is designed to protect businesses from reputation attacks and cyber defamation.
- Computer data loss and restoration– In some cases, cyber attacks will result in physical damage to computer-related assets, or impairment of use. These policies cover the cost of this as well as any costs associated with restoration or retrieval of lost data, hardware, software or other assets destroyed or damaged as the result of an attack by cyber criminals.
Who needs cyber liability insurance?
What does cyber liability insurance cost?
Why Choose Us?
- MyKeyManInsurance.com started in 2008 we are the longest-serving business protection specialist in the UK.
- You deal directly with us we do not pass on your details to any third parties.
- The ONLY Website where you can quote and apply online.
- FCA-authorised advisers with years of experience in business insurance.
- We are a whole market broker able to quote from all the UK providers.
- GUARANTEED Lowest Key Man Insurance Rates In The UK.
- Free trust set up.
- 5 Star Trust Pilot reviews, our customers love us!
Our Customers Love Us!
What people are saying about us.
Excellent service with easy to
understand explanations
Jody was very helpful in explaining the options and I thoroughly recommend his company
We received a wonderful service
from…
We received a wonderful service from mykeyman and will be using them again. The service and product knowledge from team is excellent. Everything was made easy to understand. The price was the best we found too.
First Class Service
The standard of service was first class. They kept me up to date with progress on my Relevant Life Policy, followed up promptly following delays caused by my medical practice being slow in compiling reports, and responded instantly and clearly to any questions I had.
Further Reading
5 Reasons You Should Take Out Relevant Life Insurance
Relevant life insurance is a type of life insurance policy that is taken out by businesses on behalf of their employees
Relevant Life Insurance HMRC Tax Treatment (updated) 2022
Relevant life insurance is a form of insurance that provides financial protection for an individual.
Relevant Life Insurance Calculator
Work out how much money you can save with our relevant life calculator. Our calculator
MyKeyManInsurance.com
UK’s Number One Business Protection Specialist.
