Frequently Asked Questions

Some commonly asked questions answered here…

Do I need Cyber Insurance?

With the increasing frequency and diversity of cyber breaches, very few businesses today are exempt from the threat. The common notion is that only companies with heavy dependence on IT infrastructure or electronically storing a massive database of sensitive information, require cyber insurance.

But even something as simple as hacking of your company website or email can bring your business to a standstill. While cyber insurance cannot prevent such cyber attacks or lapses, it can compensate for the losses incurred at various fronts, and keep you worry-free as a business owner.

What is the difference between Cyber Liability Insurance, Cyber Security Insurance, Cyber Crime Insurance and Cyber Risk Insurance?

To begin with, all of these terms are often used interchangeably with each other, for insurance against cyber attacks. For most underwriters, cyber liability, cyber security, cyber crime and cyber risk insurance collectively denote an umbrella terminology for the various first party and third party cyber threats that lead to business loss. While in case of some cyber insurance sellers, cyber crime insurance, and cyber risk insurance are specifically meant to cover losses incurred as a result of the following.

  • Any intentional harm caused to, data breaches or theft of digital assets of your business- software, database, intellectual property, etc
  • Ransom payment in the event of any threat or attack by cybercriminals
  • Business Interruption, Reputational (P.R), Legal and Notification Expenses due to the cyber attack

As we see above, the above clauses are explicitly relating to any cybercriminal activity affecting your business. On the contrary, cyber liability insurance cyber security insurance and cyber risk insurance covers a whole lot of other aspects in addition to the above. It includes errors, omissions and fraudulent activities carried out by your employees, general network downtime, etc.

All said and done, the risks covered under each header vary from insurer to insurer, and the basic idea is to chalk out an affordable plan which gives your business the exact coverage it requires.

What are the inclusions under Cyber Liability Insurance?

The cost of recuperating in the aftermath of a cyber-attack can be significant. Cyber liability insurance covers the cost of dealing with a cyber attack during and much after the incident happens.

Included in this cover is hack or data breach protection, cyber extortion costs, the damage incurred due to ransomware, virus or other brute force attacks including physical theft arising from cyber breach.

More specifically speaking it includes but is not limited to the following.

  • Cost of replacing, restoring or repairing network, website, and data
  • Legal fees involved in customer trust breach and ensuing lawsuits
  • PR cost of managing the reputation of your company and the fallout to third parties
  • Lost income arising directly from a cyber attack
  • Cost of cyber investigation into an incident

These are known as direct losses or first party expenses incurred by a business. It is the cost that you can quantify. Cyber insurance helps tackle direct costs without the need for third party losses to be proven such as under professional indemnity insurance.

What is the average cover for businesses under cyber insurance UK?

Cyber Insurance Coverage is a very different zone, and the coverage requirements of no two businesses can be alike. Only an experienced risk assessment expert can give you a professional risk evaluation report to determine your exact coverage amount and nature of cover required. Your insurer is most likely to draft a coverage plan based on:-

  • Your annual business turnover
  • Number of records maintained by you on a regular basis, and especially those documenting cyber breaches
  • Dependence of the firm on computer systems/ websites/online booking systems/ e-commerce systems etc
  • Operation under the PCI Agreement for online or offline payment cards (Payment Card Industry)
  • Amount and nature of sensitive data/personal data held, primarily belonging to customers or any third party

Why should you buy insurance from us?

  • Creation of a customized plan and prompt, affordable cyber insurance quote as per your needs
  • Fuss-free accessibility, professional risk assessment, and expert advice whenever you wish to reach us
  • Simple, comprehendible cover and policy documents prepared meticulously
  • Round the clock claims helpline and customer support team to help you tackle cyber breaches effectively
  • Flexi-pay options and exclusive discounts for start-ups
  • No claims discount and premium-lowering advice based on recommended security installations and possession of adequate records

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