Compare Cyber Crime Insurance Coverage

Should you suffer a cyber attack, data breach, system failure or illegal threat, a cyber insurance policy will cover the first-party and third-party financial and reputational costs incurred if electronic data or systems have been compromised, stolen or corrupted.

First-party coverages - for the policyholder - cover includes the cost of:

• Investigation and digital forensics
• Data recovery
• Restoration of digital systems
• Ransom payments
• Notification costs to third parties affected
• Reputation management

Third-party coverages (that result from claims against you) include damages and settlements, and the cost of legally defending yourself against claims of a data breach. This might include a privacy investigation launched against your business by a regulator or government department.

Cyber insurance can also cover crime costs – these are costs that arise from social engineering activities such as phishing, fraudulent funds transfer and crypto-jacking.

Businesses, self-employed individuals, charities and education establishments storing data, using digital services or operating online should protect their finances, operability and reputation by taking out a cyber insurance policy.

Even if your organisation does not have a web presence you could still be vulnerable to cyber criminals through your network, cloud services or online communication tools.

Having good cyber security software or controls will help mitigate risks but will not eradicate the likelihood of a cyber or data event. Cyber insurance acts as the final layer of defence from the consequences of a cyber incident, providing expert support, advice and resolution to minimise the financial impact and disruption to your organisation.

Each organisation will face different risks based on the services they offer, the digital tools they use and the way they operate but here are the most common cyber threats that are covered by cyber insurance policies:

• Data Breaches
• Hacking
• Ransomware
• Data Loss, Corruption & Restoration
  
• Business Interruption
  
• System Failure
  
• Phishing & Fraudulent Transfers
• Reputational Damage

The cost of your cyber insurance will vary depending on the risk profile of the policyholder and the needs of the organisation. The major contributors to the price of a cyber insurance policy will be the amount of cover required (the indemnity limit), the organisations revenue, and the controls in-place to minimise cyber incidents.

The price of a policy can also be varied between insurance providers based on their own risk profiling and previous losses, that's why it makes sense to get quotations from a number of the best cyber insurers in the UK to compare on price, coverage and features.