Speak directly to our team
01603 218000
Cyber Insurance
It is likely that, no matter what your business, you are reliant upon technology in some way or other. Whether you use it to store customer records, make online sales, or issue electronic documentation, it is likely to be a vital part of your organisation. If that technology fails, your business could be exposed to a gap in productivity, damage to your reputation, or even a fine.
With businesses increasingly likely to experience interruption to their business from a cyber-attack, it is more important than ever to make sure you are fully protected.
- Proactive response and research costs
- Data restoration
- Reputational repair costs
- Virus corruption and loss of data
- Various third-party liability costs
- Network or business interruption
The Alan Boswell Group Difference
In insurance terms, Cyber Insurance is a relatively new product, but we work with market leaders in this field to find the right cover. Working in conjunction with our insurance company partners we take the time to understand your business and your cyber risks and provide appropriate advice and guidance on protecting against this.
As an insurance broker we have access to a wide range of products, so we can provide you with the best solution for your business. Add to this service our outstanding in-house claims team and risk management solutions and you have your ideal insurance partner.
How our customers rate us
First-class service. My requirements were clearly understood and matched to the relevant policy
Cyber Insurance in detail
Cyber insurance covers your own costs as well as associated third-party costs, including:
-
Network or business interruption
Loss of income and/or increased costs of working following downtime.
- Data and software loss Costs to reconstitute data that is corrupted or deleted.
- Breach expenses Investigation and notification costs.
- Liability Damages and defence costs for losing third-party data, infringement, and virus transmission.
- Reputational damage Crisis management and PR expenses.
- Cyber crime Extortion and fraud via your computer systems.
Read our case study on a high-profile cyber claim:
Most commercial insurance policies will exclude cyber insurance. If you handle customer data you should seriously consider obtaining cyber liability as a standalone insurance.
FAQs
-
You can choose whether to take cyber insurance or not; it is not compulsory. However investing in security software will not make you impenetrable to cyber crime. It is always advisable to invest in quality cyber insurance to give you peace of mind. The financial losses incurred from a data breach could be catastrophic.
-
Business insurance is a term used to describe a range of business liability products such as public liability and professional indemnity insurance. None of these products cover cyber risks; you must have cyber liability insurance if you want to be protected from cyber risks.
-
This will be determined by the size of the business and the level of business undertaken online. We’ll take the time to get to know your business needs and the risks you face and recommend insurance products to meet those needs. Your cyber liability will determine the level of cyber insurance recommended.
Get in touch
Allie Wilton-Lowe
Team Leader
Allie began her career at Alan Boswell Group in 1998 as a Personal Lines Assistant. Since then, she has had a number of roles across…
Richard Sayer
Account Executive
Richard has more than 25 years industry experience after working for a variety of insurance brokers and insurers in the region. He gained valuable insight…
Andrew Higgins
Account Executive
Andrew commenced his career with Norwich Union in 1990 where he carried out various roles within the claims department for nine years. He then worked…
Related Products
Professional Indemnity Insurance
Covers the cost of compensating clients for loss or damage resulting from negligent services or advice provided.
Commercial Motor Insurance
Discover the broad range of commercial motor insurance policies available for your business.
Commercial Insurance
Commercial insurance to cover you, your business, your customers and your employees.
Public Liability Insurance
Cover for damage to third parties (individuals or property) caused by your business operations e.g. visitor slips over on spill not tidied up.
Related News
Guide to cyber security incident response planning
We speak to Darren Chapman, Director and Principal Consultant at CyberScale to find out more about cyber security incident response planning and why it’s essential for businesses of all sizes.
What is a phishing attack?
As criminals become more sophisticated, scams can be harder to detect and it vital to stay one step ahead.
Cyber-crime and insuring your business
As cyber-attacks and data breaches make the headlines, Phil Thorpe stresses the importance of Cyber Liability Insurance and the risks your business may be facing.
Cyber Threats and Covid-19
Covid-19 brings its own challenges to business, but existing threats do not go away. If anything, some of the established threats may be amplified due to the distractions caused by a major global pandemic. One such area is cyber risk, which we examine.
GDPR & Cyber insurance
Everybody in the business world is talking about GDPR at the moment. However, we should not overlook the wider business considerations which sit within appropriate data management…
The real cost of cyber crime
With cyber-crime increasingly in the headlines, we investigate what it means for your business.
What is ransomware?
It’s crucial to understand the different types of malicious software so that you can ensure your systems are secure.