Cyber Liability

Cyber Liability Insurance is fast becoming a must-have for all businesses. Almost every company relies on computer systems for some aspect of running their business whether it’s customer data storage, office applications, payroll or email. As our reliance on technology increases so too do the associated risks.

Cyber risk, in all its different forms, poses a very real threat to the financial performance of businesses. Cyber Liability policies can cover both losses sustained by your own business and liability for damages claimed by a third-party.

Key benefits of this cover:

• Retroactive date prior 12 months

• Nil deductible applicable to Remediation costs

• Monetary retention applies only to Business Interruption after the expiry of the Waiting Period

• Cover extends to Cloud and Outsourced locations

• 24/7 incident response line

• Includes Operational and Human Errors

What we cover

• Any business interruption loss caused by a ransomware attack, a distributed denial of service attack (DDOS), operator error (accidentally deleting data), or any other virus or malware that prevents insured from trading.

• Business interruption losses and any costs to minimise a cyber extortion threat (where a third party has stolen Insureds data or threatened a denial of service attack).

• Nil deductible applicable to Remediation costs which consist of Credit Monitoring, Cyber Extortion, Data Restoration, Forensic, Legal Representation Expenses, Customer Notification and Public Relations.

• Cover is included for the Insured’s cloud or outsource provider not being able to provide the insured with an agreed service.

• Costs to restore an insureds data that has been accidentally deleted, corrupted, destroyed or encrypted by a virus or ransomware.

• Specialist I.T. Forensics to assist an insured in the event of a cyber loss or attack.

• Costs incurred due to any accidental breach of copyright or defamation (libel and slander).

• Insureds liability for losses caused to third parties by the transmission of any virus, malware or ransomware.

• Insureds liability for the loss of any Personal Data or breach of any privacy legislation, anywhere in the world. In the event of a data breach we will offer IT Forensics to establish what happened, legal advice, credit monitoring (if bank or credit card details have been compromised), and Public Relations advice where required.

• Mental anguish or mental injury as a result of a Data Liability Event or Network Security Event.

• Insureds liability for any fines and penalties imposed by any bank or the Payment Card industry following the loss of credit card data. Including all legal costs incurred protecting you against a valid claim.

• Automatic 12 months retroactive period for new policies. Retroactive date matched for those insured who currently have a cyber policy moving to Optimum Cyber Plus.

Additional covers we provide:

• FUNDS TRANSFER FRAUD (INCLUDING HELD IN ESCROW) – Theft of money and fraud, including phishing scams, electronic wire transfer fraud, and social engineering

• TELEPHONE HACKING – Insureds legal liability to telephone or communications providers with whom the Insured has a written contract and has caused additional costs by the unauthorised use of the Insured’s digital telephony infrastructure

Specific Benefits of this Insurance:

• 100% underwritten by Lloyds of London

• Social Engineering and Push Payment Fraud included

• Free Avast Business Pro Plus Antivirus and Cloudcare Backups for up to 10 Licences

• Free ‘Cyber Essentials’ Risk Management specification for businesses created by HM Government

• Free ‘Cyber AMI’ A web based business app to help achieve and maintain cyber compliance

• Free 1 year subscription to ‘KryptoKloud’ & ‘KryptoGuard’ Cyber Breach Monitoring Service

• Free ‘GDPR 123’ Training for your staff to help avoid data breaches and cyber attacks

For further details on all of the above, please click HERE

For a Cyber Liability quotation please click HERE

If your business is FCA regulated, please click HERE for more details on why Cyber Insurance is so important.