Cyber Insurance Coverage Explained

Understand what cyber insurance does and does not include
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About two decades earlier, the concept of a comprehensive cyber security insurance plan was non-existent. What was prevalent, were individual chunks of cyber liability insurance such as errors and omissions in rendering digital services, data infringement/destruction and protection against virus attacks. For businesses with multiple potential risks, purchasing these covers separately was very expensive.

Today threats have changed, and cyber risk is no longer secluded just to big business. Naturally, cyber risk insurance is more complicated than ever before with covers ranging from comprehensive to individual risk specific policies. Depending on the size and nature of your business, you can find a suitable cover to prevent future cyber risks.

My Cybersurance has a dedicated team of professionals to assist you in making the right choice. Cyber threats loom large in today’s digital landscape. Leave the painstaking market research to us, and eliminate all risks by just giving us a call for the best cyber insurance quote!

A Closer Look At The Cyber Insurance UK Market

UK today wards off 10,000 cyber attacks collectively, and the majority of these are targeted towards the small online portals. Naturally, insurance coverage has been expanding to include all possible threats, small and large.

In the face of ever-dynamic technology (and older models rendered obsolete), it is important for underwriters to create cyber insurance plans that are highly relevant in the current tech scenario. For instance, threats such as virus attacks (akin to the ‘Y2K virus attack at the dawn of the new millennium), are no longer relevant today; though ransomware and identity cloning top the list of present-day cyber risks. Here’s a closer look at the coverage proposed under a standard cyber risk insurance plan today.

Network Security Liability Cover

Network security is a broad aspect of cyber security insurance with several coverage sub-components such as,

  • Extortions/threats/ransom demands from cybercriminals and malicious software
  • Intentional/accidental data corruption, loss or theft
  • Interruption of business as a result of access-denial or any of the above

The above list of threats covered is relevant to your business assets/resources/data, as well as that of your customers, or any third party.

Data/Privacy Breach Liability Cover

There are many costs covered here, especially if the database breached belongs to a third party.

  • Data Hacking/Infringement of confidential data/lost records which could be accidental or a case of negligence
  • Notification costs along with disaster management costs to be covered
  • Investigation, remediation and legal fees borne by your business, as well as third party compensation paid for the lapse, to be included

Errors and Omissions Liability

  • For businesses where technology-related professional services are being provided (such as IT Consulting, Payment Gateways, E-Wallets, Credit Card Services, ), this component of cyber insurance is a must.
  • No matter how efficient your employees are, even the slightest mistake can entangle your business in a messy and expensive lawsuit.
  • Professional Indemnity Insurance is a general form of business insurance which protects your business from employee mistakes, performance failures, and inadequate
  • If your business model involves the use of complicated IT systems/technology/sensitive data, the only safe road is to avail Errors and Omissions Liability under Cyber Liability Insurance.

PR/Reputational Cover

  • In the event of any cyber threat proving to be a full-scale disaster for your business, the loss of revenue is not just attributed to business-interruption, but also because of damage to
  • Getting cyber insurance coverage under the ‘Reputational damage clause,’ keeps you worry-free of all such P.R goof-ups. Not only do you get financially compensated, but you also get expert P.R professionals to bail you out in a crisis.
  • Not all insurers provide this coverage under cyber liability insurance. Always consult an expert before you get this cover.

At My Cybersurance, we not only provide you with affordable cyber insurance quotes for your business but will be glad to answer all queries that you may have regarding cyber insurance coverage. Please feel free to get in touch!

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