Cyber Liability

The threat to your business arising out of Cyber Security issues has never been greater, and every day stories appear regarding a new virus, a new hacking attack or the loss of data suffered by a business.

We take this risk seriously and are able to offer solutions to the exposures you face with wide-ranging cover available from several insurers with whom we are working closely to develop new products. This cover is particularly important if you trade online, have interactive websites which are open to others, or hold a significant amount of personal data within your systems.

The cover arranged can vary depending upon your requirements but can include:

  • Your own liability in respect of claims which might be made against you for loss of data, and also viruses which you might inadvertently pass on to others through your website or emails.
  • Costs which you might suffer following a virus or breach of security, including reinstatement of lost or corrupted data, physical damage suffered to your computers/equipment, rebuilding of systems and additional staff costs.
  • Business Interruption, i.e. Loss of Income as the result of a virus/breach which means that you are unable to trade for a period of time until the problem is fully resolved. Particularly relevant if you are trading online.

We are also able to assist with regards to Risk Management advice to avoid a problem occurring and Business Continuity Planning to minimise the effect should a problem occur.

It is worth noting that not every policy of this type provides cover in the same way. The most significant differences relate to the incidents which will cause the policy to respond, which can vary between:

  • Cover only responding when an attack on your systems is perpetrated by one of your own employees
  • Cover responding when an attack is specifically targeting your systems (e.g. a virus), whether perpetrated by an employee or an unknown third party
  • Cover responding to any attack on your systems, regardless of origin

These significant cover differences are unsurprisingly accompanied by varying premium levels, demonstrating that the cheapest may very well not be the best.

In addition, excesses and deductibles can vary widely. Some will be for monetary amounts ranging from £1,000 to £50,000, while others will be time based, with cover not applying until a system has been affected for more than 24 hours, for example.