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About Cyber Insurance
The predicted cost of cybercrime is expected to rise to approximately £4.5 trillion annually by 2021. With the increasing threat, our cyber-insurance has been designed to protect businesses like yours from risks relating to information technology infrastructure and activities.
Legal and Regulatory Costs
IT Security Costs
Crisis Communication Costs
Fund Transfer Fraud
Theft of Funds
Telephone Hacking & Phishing
Why you need cyber insurance
Vulnerability is one of the main implications that modern businesses can’t escape, especially with the rise of cyber-crime. The financial impact can be extensive and can include system interruptions, privacy and cybercrime events which are seen within all industries, including esports. Modern-day cyber-criminals are constantly developing methods which have been designed to cause disruption to companies and these have been designed in sophisticated ways, which sometimes businesses can’t avoid.
Risks of this nature can include malware, spam, exploit kits, email social engineering spear phishing, botnets, physical manipulation, ransomware, intruder threat, IoT vulnerabilities, IoT for DDOS attacks, phishing, denial of service and web-based attacks.
What your policy can cover?
It’s essential for all businesses to have the right insurance in place. Our Cyber-Liability coverage includes:
- Indemnity of legal and regulatory costs
- IT security costs
- Crisis communication costs
- Privacy breach management costs
- Post-breach mediation costs
Cybercrime cover includes:
- Fund transfer fraud
- Theft of funds held in escrow
- Theft of personal funds (in the case of senior executives)
- Extortion
- Corporate identity theft (also for identity theft of senior executives)
- Telephone hacking and phishing
As well as protecting your business when it comes to cybercrime, you’ll also have access to a 24-hour, 365-day helpline, also known as Breach Response. This gives you access to forensic accountants, lawyers, data recovery experts, PR companies and further professionals who can help with the recovery of systems.