Data breaches are costly.
Cyber incidents now happen frequently to all businesses and are on the increase. The coverage we provide works to maximise your data protection and business security.

Fact: almost 9 in 10 SMEs say their cyber insurance covered the cyber security incidents they suffered in 2018.

What businesses should buy data insurance?

In truth, no organisation is immune from the potentially devastating financial impacts of a cyber loss. Any business that relies upon technology to acquire or engage with customers, processes or stores customer data could seriously suffer as a result of data loss or theft.

Cyber insurance helps protect your business and customers digital data.

From 25th May 2018, the EU General Data Protection Regulations came into force, dramatically changing the compliance requirements on all businesses in the UK. In summary, the new rules:

• Introduce a mandatory notification period following a data breach of 72 hours.
• Greatly increase the potential penalties for non-compliance to EUR 20 million, or up to 4% of global turnover, whichever is greater.
• Clearly define the rights of individuals over the personal data held on them by all organisations.

PII stands for Personal Identifiable Information and refers to a type of data that identifies the unique identity of an individual. It provides the most basic forms of personal information and can include an individual’s name, gender, address, telephone and email address. The amount of PII records stored on an organisation’s IT network can impact their premium calculation: the higher the number of records, the greater the risk due to regulatory requirements, such as mandatory notification in the event of a cyber breach.

• Systems shut down.
• Loss of business data via hardware. ie server, laptop or device.
• Cyber attack or network breach ceasing operations.
• Malicious misuse of your business data.

• GDPR costs incurred to the business
• Breach notifications
• Breach mitigation
• Data restoration
• Business income
• Extra expenses protection
• Theft of monies or securities digitally
• Third-party coverage for a privacy breach or data event
• Coverage for regulatory fines
• Legal and defence expenses
• Coverage for PCI DSS fines

• Legal cost exposures
• The cost of notifying, complying and defending any data breach within the new GDP regulations
• Management of any data liability
• System failures 
• Online shut-down 
• Hacking or stealing of your client data 
• Complete shut down of your systems 
• A breach to an associated supplier

• Do you think that data breaches and cyber attacks only happen to the largest of companies? Think again! While large companies make the headlines, the reality is that 1 in 3 documented data breaches occur in businesses with less than 100 employees. What’s more, 60% of small businesses are forced to close their doors within 6 months of a cyber attack.

  If your business handles customer data or processes payment transactions, you’re at risk of a cyber attack. Expenses associated with a data breach can quickly add up for a small business, when the average cost of each compromised record being £200. Whether you have 300 customer records or 3000, your bottom line could be impacted by legal defence costs, settlements, lost business, notification costs and more.

Cyber Business Interruption cover means that in the event of a cyber-attack or, for example a ransomware attack that forces you to cease or restrict normal business operations, any income lost as a result of such an interruption would be reimbursed through your policy. This would occur after 12 hours of network downtime.

Traditional insurance policies such as general liability, property and professional indemnity will usually explicitly exclude damage to digital assets or losses arising as a result of a cyber attack. Without a standalone cyber policy, businesses may face a hard legal battle to be indemnified.