Specialist Cyber Liability Insurance Cover

Cyberguru provides specialist data breach and cyber risk insurance for SME’s throughout the UK. Hacking and data breach is one the biggest threats to any business. According to the Office for National Statistics, cyber enabled fraud and computer misuse now accounts for almost half of all crimes committed in the UK (47%).

Cyberguru provides a quick and affordable solution to all your cyber insurance needs. Our specialist cyber liability insurance and data loss protection provides genuine peace of mind, managing the entire data loss process alongside potential third party claims following loss of customer or employee data.

Expert Cyber Insurance Cover

As a business professional, you have a legal obligation to securely protect the information you hold, both in terms of your clients, prospects and employees, as well as any data held on behalf of a third party. Any loss of personal data should be disclosed to the Information Commissioner’s Office (ICO) and can result in significant fines and penalties, not to mention the significant reputational damage to your business.

What Is Data Breach and Cyber Risk Insurance?

Cyber Risk Insurance provides indemnity against the associated risks and liabilities from cybercrime, data hacking and/or data breach. From damage to websites or other online platforms to loss of personal data, cyber insurance can be tailored to your specific business requirements. Data Breach Insurance can be purchased in isolation or as part of a full cyber insurance package.

Do I Need Cyber Risk and Data Breach Insurance?

In today’s modern world most businesses either hold some form of data or rely on core computer systems to conduct their business. You would be exposed to cyber risk or a data breach if you or your firm has or controls:
  • Sensitive Data – Holds data such as customer names and addresses, date of birth, dental records and/or credit card or bank details
  • Website –Operates any form of website or online application or booking system
  • Systems – Uses a computer platform or customer database (either cloud based or a locally hosted)
  • Payment Cards – If you accept credit or debit cards (on or offline) and are subject to a payment card industry (PCI) agreement

Data Breach and Cyber Cover

  • Hacker damage and virus cover for websites, back office systems and email platforms
  • Online or physical Data breach costs and liabilities
  • Post breach notification, forensic investigation and legal support
  • Hacker ransom and cyber extortion cover
  • Regulatory investigations and penalty costs
  • Payment card industry (PCI) fines and penalties
  • PR and crisis containment management and expenses post data breach
  • Optional Business Interruption for loss of income and reputational damage
  • Free Legal and Regulatory advice from cyber and data breach experts

How Much Does Cyber Insurance Cost?

Cyberguru has developed a specialist cyber and data breach policy which can accommodate 95% of UK businesses. Whilst many standard cyber insurance providers shy away from medical or financial related data, our insurance partners have extensive experience in managing financial and healthcare data loss, both in the UK and the USA.

Cyber insurance coverage for a small business with annual revenue not exceeding £200,000 starts from as little as £160 per annum (including insurance premium tax).

Cyber and data breach packages can be tailored to your specific requirements, based on the following:

• Annual turnover / income
• The number of records processed / held in your database

Why Cyberguru?

  • Specialist cyber and data breach cover for all types of businesses
  • Instant quotations - cover and policy documents in minutes
  • Flexible cover & monthly payments – just pay for the sections you need
  • Expert advice from data and cyber risk insurance specialists
  • 24 Hour Claims Helpline & Data Breach Management support
  • Personal – One-to-one access to your own dedicated cyber insurance Account Manager

How Much Cyber Risk Cover Do I Need?

Best advice is always to purchase as much cyber insurance coverage as you can afford. As every business is different, you will need to consider your own specific circumstances and exposure to loss. Firms with multiple locations, or with a large database of clients holding personal data or credit card details will have a much higher exposure to multiple claimants and data breach expenses.

Indemnity levels start from £100,000 to £5m+ and one of our cyber insurance advisors will be happy to walk you through your different pricing and cover options.

Cyber Cover Claims Examples

A financial advisor works remotely, her laptop is stolen from the boot of her vehicle whilst parked. The laptop contained over 500 client records and details of ongoing pension applications. The loss of data must be reported to the ICO who may impose a six figure fine. The local press picks up on the incident and runs a news article on their website and the weekly paper, causing significant reputation damage. Several clients have joined forces for form a class action for loss of personal data.

A beauty salon suffers a cyber attack and their entire customer database is stolen and is held to ransom. The cyber criminals will only release the data on receipt of a bitcoin payment equivalent to £10,000.

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© Insync Insurance Solutions Ltd 2016 All rights reserved. Cyberguru is a trading style of Insync Insurance Solutions Ltd which is authorised & regulated by the Financial Conduct Authority where our reference number is 766691. Our registered office is Midland House, 2 Poole Road, Bournemouth, Dorset BH2 5QY and we are registered in England under company number 08810662. Should you have cause to complain, and you are not satisfied with our response to your complaint, you may be able to refer it to the Financial Ombudsman Service, which can be contacted as follows: The Financial Ombudsman Service Exchange Tower, London, E14 9SR | Tel: 0800 023 4567 or 0300 123 9 123 | www.financial-ombudsman.org.uk | Terms of Business