Cyber incidents can cause considerable disruption to a business which requires significant time, money and expertise to resolve not to mention the stress and operational downtime. Any business handling personal data, relying on technology, storing critical data electronically, or having an online presence should have coverage.
You can protect your business for specific cyber risks, including:
• Accidental privacy breaches
• Business interruption
• Hacking, extortion and ransomware
• Lost income and restoring data
• Denial-of-Service attacks
• Cybercrime
The majority of cyber incidents will not be targeted attacks against you personally, in these cases attackers indiscriminately target as many devices, services or users as possible. To do this, they use techniques that take advantage of the openness of the Internet, which include:
Phishing – sending emails to large numbers of people asking for sensitive information (such as bank details) or encouraging them to visit a fake website.
Water Holing – setting up a fake website or compromising a legitimate one in order to exploit visiting users.
Ransomware – a type of malware that locks and encrypts the victims data, files, system or devices rendering them inaccessible until such time that the attacker receives a ransom payment.
Scanning – attacking wide swathes of the Internet at random.
Training staff to have a better knowledge and understanding of Cyber risks is good risk management and is also becoming a compulsory requirement from Cyber Insurers. Government backed schemes such a Cyber Essentials and Cyber Essentials Plus provide an excellent starting point, while also reassuring customers you are working to secure your IT against cyber attack.
This coverage addresses real-time responses to cyber incidents, including costs related to IT security, forensic specialist support, legal advice for data security breaches, and expenses associated with notifying affected individuals. A key aspect of cyber policies is their provision of access to specialists while covering their services.
Covering the costs of repairing and restoring data and applications in the event of computer system damage resulting from a cyber event, this aspect is critical for swiftly getting a company back up and running.
This section pertains to expenses incurred when dealing with extortion attempts by fraudsters who threaten a company with cyberattacks or the exposure/destruction of compromised data. Ransomware, where data is encrypted and access is restored only upon payment of a ransom, represents a rapidly growing form of cybercrime.
Coverage can extend to financial losses caused by unauthorised access to your IT network or if a third party deceives an employee into making payments by impersonating another person.
The vast majority of cyber events tend to cause financial loss to the company themselves as opposed to third parties that they deal with. In fact, cyber claims figures show that less than 5% of cyber claims by volume involve third party legal action.
As Lloyd’s brokers specialising in moving, self-storage, and relocation insurance, we’ve built a reputation for excellence. Our expert team understand how bespoke policies need to provide cover for our clients.
Contact us today on 01273 739 961 to speak to a member of our team, and learn more about the appropriate protection that Cyber Liability cover can provide.
