Cyber Insurance

Aspire Point White

Innovative tech fuels business growth; cyber insurance safeguards digital assets.

Cyber Insurance

Innovative tech fuels business growth; cyber insurance safeguards digital assets.

Cyber insurance image
Cyber Security
Cyber Insurance Software Coding

We protect the things that matter most,

with services tailored to suit you.

What is cyber insurance?

Insurers may use various names for this coverage: Cyber and Data, Cyber Crime, Cyber Recovery, and Cyber Liability.

In today’s hyperconnected world, businesses face escalating cyber risks due to rapid digital advancements. Cyber Insurance is commonly regarded as one of the top risks faced by businesses.

Regardless of their size, businesses often depend on IT systems, including supplier software, emails, phones, and Point of Sale systems.

Risks encompass hacking, malicious attacks, stolen laptops, and compromised data. Employee negligence and system damage also pose significant threats to businesses.

Cyber insurance shields businesses from cyber risks and data breaches, providing financial protection and support in our digital orientated world.

You don't need to wait until renewal.

We can complete a full review of your insurance now. That means we'll find any problems and fix them straight away.

Why is cyber insurance important?

The potential for financial loss, data compromise, and technology disruptions due to accidental or malicious interference is at an all-time high.

As businesses increasingly depend on technology to achieve their core objectives, cyber risks have grown exponentially in recent times. These incidents can severely disrupt operations, leading to reputational harm, financial setbacks, and even legal consequences.

By obtaining a robust cyber insurance policy, businesses can obtain coverage for both their own losses resulting from breaches and any potential liability for damages claimed by third parties. Such comprehensive protection ensures peace of mind and mitigates the financial impact of cyber incidents.

What does cyber insurance cover?

  • =Losses relating to damage to, or loss of information from, IT systems and networks.
  • =Significant assistance with and management of the incident itself, which can be essential when faced with reputational damage or regulatory enforcement.
  • =Loss or damage to digital assets such as data or software programs.
  • =Business interruption from network downtime.
  • =Cyber exhortation where third parties threaten to damage or release data if money is not paid to them.
  • =Customer notification expenses when there is a legal or regulatory requirement to notify them of a security or privacy breach.
  • =Damage to reputation from breach of data that results in loss of intellectual property or customers.
  • =Theft of money or digital assets through theft of equipment or electronic theft.
  • =Third-party insurance covers the assets of others, typically your customers.
We use a range of insurers and tailor the cover to meet our clients needs. We review this each year to ensure that cover remains effective and costs remain competitive.

Managing Your Cyber Risk Effectively

In addition to cyber insurance, it is crucial for businesses to proactively manage their own cyber risks. Implementing the following measures can significantly enhance your organisation’s cyber security:

  • =Conduct a thorough risk assessment of your organisation's cyber threats.
  • =Remove or disable unnecessary functionality from your IT systems and keep them updated with patches to address known vulnerabilities.
  • =Monitor network traffic for any unusual or malicious activity, both incoming and outgoing, which could indicate an ongoing or attempted attack.
  • =Restrict user privileges to only those necessary for their respective roles.
  • =Implement an IT security policy that outlines acceptable and secure usage of your business's systems.
  • =Develop an incident response and business recovery policy that covers a wide range of potential incidents.
  • =Establish company policies that address vulnerable business processes like internet use, email, and removable media (such as memory sticks) susceptible to malware.
  • =Provide comprehensive training to mobile users on secure practices for their devices.
  • =In the event of a cyber breach, leverage the benefits of cyber insurance, as many policies include crisis containment and technical assistance. It is advisable to promptly contact your insurer for guidance.
  • =By adopting a proactive approach to managing cyber risks, businesses can enhance their security posture and be better prepared to handle cyber incidents effectively.

Essential Features of Cyber Insurance Policies for Comprehensive Protection

Unauthorised Access

Safeguarding against unauthorised people gaining system access.

Data Breaches

Safeguarding businesses from costly data compromises.

Repair of Damaged Systems

Coverage for restoration and repair of cyber damaged systems.

Cyber Extortion

Protection against online threats and ransomware within your business.

Legal Fees

Protecting businesses from costly legal expenses.

Contact us

Whether you want to find out a bit more about what we do or you need to discuss your existing policy. Get in touch.

    Not what you're looking for? Don't worry, take a look at some other options or, give us a call.

    Our Useful Cyber Resources

    Cyber Insurance Cover Overview

    Explore our comprehensive Cyber Insurance Cover Overview document to gain a thorough understanding of the tailored protection we offer to safeguard your business.

    Cyber Liability Toolkit

    This planning toolkit is designed to help employers protect their business, information and customers from the ever growing risk of cyber-threats.