Cyber insurance protects businesses and individuals from digital threats and risks. These risks can include data breaches, cyber-crime such as customer databases being hacked and IT systems damage. The policy has two elements for first and third party cover.
In the first party cover, your business could be covered for costs relating to the following:
Third party cover is for your clients who make a claim against you for:
A business of any size will rely on computers and IT systems to trade effectively and could experience a disruption in trading if system failures occur internally or from external sources. Other business policies may include an element of cyber insurance but with an average claim for a small business being around £65,000 extra cover may be needed to ensure the right amount of cover is in place.
Data Protection insurance provides cover against a data breach, leak or attack by hackers. It only applies to data not to IT or other computer systems. Data is collected by businesses in order to operate effectively and must be robustly protected against the risk of theft.
The policy covers the costs of: