Commercial Liability

Cyber Liability Insurance

Cyber Liability Insurance: Two men with serious exppressing observing a monitor with data on it.

Comprehensive cover that protects your reputation and the cost of restoring online systems should you be subject to a cyber-attack.

Cyber-attacks come in many forms: malware, spyware, ransomware, fraud, hacking, phishing, Denial of Service (DoS) and much more, making you vulnerable to a whole array of attacks.

If your business relies heavily on computer and online systems, you should consider Cyber Liability Insurance. With the cyber world consistently developing, it has never been more important to manage and mitigate current and upcoming risks. That is why is it essential to have a comprehensive insurance cover in place, one that grows with your business.

With Cyber Liability, you can be protected from loss or damage to digital assets, security breaches, damage to reputation, Business Interruption, Theft, Money and more. Your package will be completely tailored to your business.

Organisations are increasingly placing data and networks at the centre of their operations and they can face significant financial losses if a cybersecurity incident occurs. Cyber Insurance is a flexible modular policy that allows businesses to select coverage that match their requirements.

Here are some of the cover modules available:

First Response

When a cybersecurity breach is suspected, most businesses do not have the capability to diagnose the issue and respond swiftly. Cyber Insurance offers IT specialist that can deliver critical and co-ordinated support.

Event Management

After a cyber-attack, organisations will require a range of services to get their business back on track. Event Management pays for Legal, IT and PR services as well as Credit and ID Monitoring, in addition to Data Restoration and Breach Notification costs.

Data Protection & Cyber Liability

Data Protection & Cyber Liability responds to third-party liability claims arising from a failure in network security. This includes cover for defence costs and liability claims resulting from the breach of confidential information, along with cover for defence costs and insurable fines incurred during a regulatory or PCI investigation.

Network Interruption

Almost all consumer-facing businesses now rely heavily on the web for direct sales or customer relationship management, and even traditional industries, like manufacturing and transportation, require network connectivity to operate efficiently. Network Interruption covers loss of income and mitigation expenses when business operations are interrupted or suspended due to cybersecurity incident.

Network Interruption: OSP

Outsourced Service Providers (OSPs) provides a range of valuable services to organisations such as web hosting, payment processing, data collection and storage. OSP endorsement extends Network Interruption cover to include losses and mitigation costs arising from an OSP security or system failure.

Network Interruption: System Failure

Not all system failures are attributable to a cybersecurity breach, unintentional and unplanned outages can also result in network interruption losses. System Failure endorsement extends to Network Interruption cover to include losses and mitigation costs resulting from an internal system failure not arising from a cybersecurity breach.

Electronic Data Incident

A cybersecurity breach isn’t the only reason data can be lost or corrupted. Power surges, natural disasters, overheating and physical vandalism can also result in data not being accessible. The Electronic Data Incident extension simply adds another insured event to the Event Management section of a Cyber Insurance policy and covers accidental damage or destruction of a company’s computer system.

Digital Media 

In a fast moving digital environment, it is now easier than ever for companies to inadvertently infringe on trademarks, misappropriate creative material or inadequately check facts. The Digital Media extension covers damages and defence costs in connection with a breach of third-party intellectual property, or negligence in connection with electronic content.

Cyber Extortion

Businesses may find themselves the target of cyber criminals who use ransomware to encrypt their data until they purchase a key to unlock it. Cyber Extortion covers losses resulting from an extortion threat. This includes ransoms to end an extortion as well as fees incurred from specialist cyber extortion advisors.

Telephone Hacking 

In addition to online hacking, businesses also face the risk of phone hacking. Referred to as PBX dial through fraud, this is where fraudsters target telephone systems to make calls to premium rate numbers. Telephone Hacking extension covers charges from unauthorised access and use of a business’s telephone system, regardless of whether this is initiated on or off their premises.

Computer Crime 

Fund transfer fraud is a form of computer crime where criminals use details obtained from a cybersecurity breach to fraudulently transfer funds from an account maintained at a financial institution. Computer Crime covers direct financial loss from fraudulent electronic fund transfers arising from a cybersecurity breach.

Goodwill Coupon 

Cyber incidents can negatively impact a customer’s relationship with an organisation. Goodwill coupons, such rebates or discounts, can go a long way to reverse that ill-feeling. Goodwill Coupon provides flexibility to offer customers a Goodwill Coupon instead of Credit and ID Monitoring if confidential information has been breached or if individuals have been unable to access a service due to disruption.  

Criminal Reward Fund 

A Criminal Reward Fund may be paid for information that leads to the arrest and conviction of individuals who have or are attempting to commit an illegal act relating to cover provided under a Cyber Insurance policy. This relates not only to hackers and cyber criminals, but also includes rogue employees, thus rewarding staff who notice and report suspicious behaviour.

Complimentary Tools and Services

Qualifying policyholders have complimentary access to the following tools and services. Cyber Insurance Mobile App Infrastructure Vulnerability Scan Proactive Shunning and Training Services Cybersecurity Information Portal.

Cyber Defence Review

Cyber Defence Review service takes a look at a client’s people, processes, and tools that make up their cybersecurity programme and identifies areas of strength and weakness. Consultants conduct passive reconnaissance and active vulnerability testing of the client’s systems to identify intelligence that attackers can see.


Cyber Liability News Articles:

New Data Protection Regulation

A new data privacy law, the General Data Protection Regulation (GDPR), comes into force in May 2018, overhauling current data protection legislation.

Protecting your business against cyber-attacks

In May 2017, “WannaCry” ransomware reportedly hit over 200,000 computers in 150 countries, affecting many NHS Trusts in the UK.