Cyber Security Insurance

Insurance essential for all sizes of business
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Dependence on digital technology is something you cannot shirk off in today’s day and age. At the same time, no two businesses are alike and therefore, the degree of susceptibility to cyber threats is unique for every business.

It is pivotal in such a scenario that you entrust your Cyber Insurance requirements with the right underwriter. Blindly investing in a one-size-fits-all cyber insurance plan could leave you underinsured or wrongly covered under threats that are irrelevant to your business model.

As an authorized insurance seller licensed to sell cyber insurance in the UK, My Cybersurance is a name you can trust with absolute certainty. With years of expertise in the field, we can comprehend your requirements and respond swiftly with the most competitive quote. Give us a call today!

Cyber Security Insurance Protects Today’s Businesses

A widespread preconceived notion about Cyber Insurance is that as business owners, we feel cyber threats are limited to cybercriminal attacks which only target giants like eBay and Home Depot for hefty ransoms.

The bitter truth, however, is that all businesses are equally vulnerable, and the potential threats are multi-fold. Moreover, cyber security risks are rooted in the virtual world, but they branch out in the real world to affect your business head-on!

As far as coverage of risks under cyber insurance is concerned, there are two broad lists. The first one covers your own business and the well being of your assets. The second one includes all possible risks that could befall your customers or any other third party.

First-Party Coverage

  • Compensation for any loss of business owing to network downtime
  • Any harm caused to, or loss of digital assets of your business- software, database, intellectual property, etc
  • Ransom payment in the event of any threat from cybercriminals
  • Coverage under physical theft of hardware/software/data
  • Compensation and P.R assistance in the case of reputational damage owing to any cyber-security breach going public
  • Cover for financial implication of notifying customers/third party of the compromised security situation or downtime

Third-Party Coverage

  • Coverage of investigation and legal expenses in case of a lawsuit
  • Compensation for any damages paid to the third party if a security breach has resulted in reputational damage
  • Compensation in the event of any business loss/digital assets loss or any other loss claimed by third party directly or indirectly effected by the cyber security breach of your business

Is Cyber Security Insurance compulsory by law?

Cyber risk insurance is not a legal necessity in the UK. Nevertheless, it is certainly a smart decision, especially when there are sizeable IT/digital assets and confidential electronic data at stake. While not all clauses covered under cyber insurance are important to any business, some of them can help mitigate future losses.

Some client contracts and government contracts make it compulsory for your business to have at least a basic third party coverage under cyber insurance. Check your existing insurance if cyber breach is included in the coverage.

A general public indemnity insurer does not usually have the required expertise to understand the complications of cyber security. My Cybersurance has dedicated experts to guide you through the maze of cyber insurance so that you rightfully devote time and attention to running your business, risk-free and worry-free!

Protect your Business in the Virtual and Real World

While cyber threats originate in the virtual world, they could have a large-scale impact on your business in the physical world. Our cyber insurance goes above and beyond cyber-attacks. While the cyber insurance market is wrought with technical jargon, often meant to confound newcomers we speak in plain English, so you exactly know what is and isn’t covered.

Terms such as Cyber Security Insurance, Cyber Liability Insurance, and Cyber Risk Insurance are often used interchangeably with each other. In some cases, Cyber Liability is used to denote any possible threats to your customers or third party coverage in general. Many underwriters are of the opinion that all of these terms broadly mean the same. You need to seek expert advice before investing in any cyber insurance policy, and that’s where we come in.

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