Cyber Cover

Why Cyber Cover?

We live in an era where all our personal information is constantly being mined. Our data is valuable and we share it daily with a myriad of companies. We are under constant threat by hackers and cyber criminals looking at ways of extorting information for resale or for ransom.

Almost daily the headlines name large organisations that have been hacked and had data stolen but what we don’t read is that more and more micro and small businesses are being targeted by phishing and social engineers. There is now also a greater duty of care being placed on your business to protect your employees, customers and suppliers’ personal data (recent GDPR regulations) so, it is becoming more apparent that no matter how small your business is, you require a partner who can help protect your business in the event of a cyber breach.

Your employees are your strongest link, so upskilling your staff to recognise potential threats is one way to minimize a loss, but should that fail, then transferring the risk to an insurer who understands the threats to your business and reputation, is an investment you can’t afford to be without.

What can a cyber policy cover you for?

• Re-instatement of your data

• Loss of your gross profit

• A specialist IT forensic company to investigate the cause and scope of the Cyber Event, and what data has been compromised

• A specialist law firm to defend you

• The costs involved in notifying your data subjects as required by legislation or considered necessary to protect your reputation

• A Public Relations Company to protect and mitigate any damage to your reputation

• Credit monitoring costs for individuals affected by theft of debit or credit card details

• Any fines and penalties that you are required to pay by the Payment Card Industry

• Assessment Costs for fraudulent card transactions for which you are liable

• Your legal liability for the transmission of a virus to a third party, or your unknowingly taking part in a denial-of-service attack

• Your legal liability for accidentally infringing any copyright or trademark, or any defamation, provided always that this liability is incurred in undertaking your usual business practices.

• The reimbursement of financial loss resulting from theft or unauthorized transfer of your funds by electronic means

• Phishing or social engineering resulting in transfer of your funds to an unintended party

• Third party funds held in your account being transferred to an unintended party

• Hardware replacement costs as a result of a Cyber Event which renders a computer device non-functional

• A loss arising from any unauthorised access to your internal digital telephony infrastructure