Cyber exposures are one of the top risk concerns for many companies but traditional insurance policies do not provide full cover for them. Most insurance policies either specifically exclude any Cyber related cover or provide only a very limited level of protection.
We can access specialist policies or optional extensions to include such risks as:
- Third party liability for claims arising from a failure of your network security or breach of data.
- Loss of income and operating expenses when business operations are interrupted or suspended due to a failure of network security.
- Losses resulting from an extortion threat. This includes ransoms to end an extortion as well as fees incurred from specialist cyber extortion advisors.
- Financial loss from fraudulent electronic fund transfers arising from a cybersecurity breach.
- 24/7 response after a security breach or denial of service attack.
- Contamination of someone else’s data with a virus.
- Damages and defence costs in connection with a breach of intellectual property rights or negligence with electronic content.
The size and variety of businesses at the SME level are believed to make them a natural target for cybercrime and fraud because SME companies often hold customer data with lower levels of protection than major corporations.
Any business that holds or processes sensitive data or is reliant on computer technology is at risk. The WannaCry global cyberattack using hacking tools which crippled the NHS is only one high profile example. Similar, less publicised, attacks affect much smaller businesses daily and these are only expected to increase. Dealing with Cyber related incidents has not only a direct monetary impact but also ties up a business in dealing with potentially affected customers and regulators. It is believed that three quarter of business have already suffered some form of data security breach.