Cyber Protection Insurance. Done Right.

Preserving the confidentiality of business data is now of pressing importance.

That’s why a quality cyber protection insurance policy should be specifically tailored to your business setup.

The risk of data breaches and cyber-crime has grown exponentially, leaving your business information more prone to cyber attacks.

Facing liability issues off the back of a cyber security breach can have dire implications for your professional reputation.

Cyber risk insurance explained

Cyber risk, cyber security or cyber protection insurance is designed to protect your business from the financial impact of computer hacking or a data breach.

For all types of businesses, a robust cyber protection insurance plan serves to protect in broad instances such as:

  1. Ransomware
  2. Hacking
  3. Employees usurping confidential information
  4. Cyber crime
  5. Loss of income

with many variations to these depending on your circumstances and business assets.

Why do I need cyber protection insurance?

Concerns over privacy and theft of information are further validated with an increasing number of cyber crime reports emerging worldwide.

Most businesses are vulnerable to cyber hackers because websites and electronically stored records are now generally found as a normal part of running a business.

The financial loss isn’t the worst in the instance of hackers having a successful jaunt—it’s the threat of your intellectual property and clients’ personal information being exposed—disastrous for anyone’s reputation.

An impenetrable cyber security insurance policy is therefore vital.

What can it cover?

Cyber-crime insurance policies vary in the benefits they provide, but generally covers:

  1. Data protection and liability
  2. Cyber extortion
  3. Loss of income
  4. Outsourced service providers (hack to their system)
  5. Response management, including legal defence costs

What usually isn’t covered?

Exclusions and the excess you need to pay can vary greatly depending on your insurer.  Policies generally won’t include cover for:

  1. Criminal actions committed by you or your business
  2. A cyber attack based on facts of which you were aware
  3. Criminals using the internet to steal money from you

Cyber protection insurance overview

Type of Cover Potential Benefits
First Party Lossess
Business interruption losses Covers financial loss you may suffer as a result of a cyber attack
Cyber extortion The cost of a cyber attack, such as hiring negotiation experts, covering extortion demands and prevention of future threats
Electronic data replacement The cost of recovering or replacing your records and other business data
Third Party Losses
Security and privacy liability Damages to your reputation resulting from data breaches, such as loss of third party data held on system
Defence costs Funds the legal end of the costs of defending claims
Regulatory breach liability Legal expenses and the costs of fines arising from investigation by a government regulator
Electronic media liability The costs of copyright infringement,defamation claims and misuse of certain types of intellectual property online
Extra Expenses
Crisis management expenses Provides cover for the costs of managing a crisis caused by cyber hackers
Notification and monitoring expenses The cost of notifying customers of a security breach, and monitoring their credit card details to prevent further attacks

Precision, performance and expertise

We’re proud of the standards our team upholds. Every possible risk is examined and minimised through our exhaustive (but simplified) process.

Protect your business and customers against cyber crime. Get the ‘Fort-Knox’ approach.

Request a customised quote