Cyber insurance is becoming more of a consideration to businesses of all sizes in all sectors, as many businesses will handle client data, uses computer systems to store records including employees and payroll, transact business and mange finance and payments.

The UK government views the potential for Cyber Attacks as one of the highest threats to national security and all businesses should take the exposure very seriously.

Cyber insurance will help to protect your business from risks involving your IT infrastructure and is broken down into First Party and Third-Party Insurance.

First Party Covers Include.

• Theft of money or digital assets through theft of physical equipment or electronic theft
• Damage to a business’s reputation and market standing following a breach of data that results in loss of intellectual property or customers
• Extortion by third parties who hold systems or data to ransom
• Business interruption from damage to systems or loss of data resulting in a temporary suspension or reduction in trading
• Damage or Loss of digital data or software
• Notification expenses to customers following a breach when required to by law or regulation
• VOIP Hacking cover
• Phishing and Cyber Crime

Third Party Covers Include.

• Loss of third-party data
• Compensation to customers for denial of access, and failure of software or systems
• Cover for defence and investigation costs and/or damages resulting from breach of privacy, defamation or negligence in media
• Cover for defence and investigation costs and/or damages resulting from security breaches

In light of GDPR legislation and increased level and complexity of Cyber Attacks and Crime, it is vital all businesses holding client or supplier data should seek Cyber Insurance cover to protect the business.

The PMJ Risk Solutions team are here to tailor a Cyber Package to your needs, please contact us to discuss further.