Did you know your business is 9 times more likely to be a victim of cybercrime than a burglary?
According to a UK Government Survey, 81% of large businesses and 60% of small businesses were affected by a cyber-breach in 2014.
The average cost of a cybersecurity breach is £600k to £1.15m for large companies and 65 k to 115k for small to medium enterprises.
Clearly, technology and e-transactions play such a key role in the business landscape. In these times, it is crucial to insure your business against any possible damages or liabilities that may occur during operations.
At IC Insurance Solutions, we understand how devastating cybercrimes can be for businesses. This is why we have partnered with the best insurers to tailor cyber liability insurance packages that factor in your specific circumstances and requirements. Our insurance experts design packages that are compliment your business needs.
Specialised cyber liability insurance packages by IC Insurance will address your key exposures and keep your business insured during major security breaches.
Does Your UK-Based Business Need Cyber Liability Insurance?
One in every three small businesses in the UK has been adversely affected by cybercrime. Small businesses have thrived in the UK but the risks they face from hacking and security breaches have also increased over time.
So if you are based in the UK, having a cyber-liability insurance plan can provide security and protection to your business. You need cyber insurance cover if:
- You hold customer, supplier or employee information like names, addresses, email addresses or bank details.
- You use a computer to run your business.
- You take card payments or make electronic payments.
- You have a website.
What is Cyber Liability Insurance?
Cyber liability insurance, also known as cyber risks insurance or cyber liability insurance cover, is designed to protect your business if it suffers a malicious data breach or is targeted by a hacker.
Cybersecurity breaches can expose your business to many possible risks, like income loss, repair expenses, business interruption, damaged reputation and regulatory fines.
An effective cyber insurance policy caters for these risks and covers the financial loss associated with damage to or loss of information from IT systems, data systems and networks.
What Does Cyber Insurance Cover?
Our bespoke cyber liability insurance packages cover:
Financial and Reputational costs
Cyber insurance covers financial and reputational costs if data or electronic systems are damaged, lost, corrupted or stolen during a cyber-attack.
Cover can include the cost of post-attack measures such as investigation as well as data recovery and computer system restoration. Cyber insurance also covers loss of income caused by a business shutdown, reputation management, extortion payments to hackers and notification costs.
Cyber liability insurance also protects your business against legal claims and covers damages and settlements. It also compensates the cost of legally defending your business against claims of a GDPR breach.
You may also want to look into:
Financial Crime and Fraud Cover
Cyber criminals can steal your funds, impersonate your business and trick your employees into transferring funds or merchandise to them.
Our flexible insurance policies can cover you against this by ensuring your business for the financial loss suffered from fraudulent activities and theft.
Property Damage Cover
A cyberattack can also cause physical damage to your business equipment or property, for example, malfunctioning servers and broken computers.
Property damage insurance policy covers the expense incurred in repairing or replacing faulty equipment.
Dependent Business Interruption
A security incident can also result in your supplier’s systems going offline and preventing a business or an increase in your supply costs. A dependent business interruption cover can recompense you for this loss of revenue or increased costs.
About IC Insurance Solutions
IC Insurance is a vibrant and enthusiastic insurance intermediary with a passionate team comprising of experienced insurance experts and seasoned brokers. We know the market inside out and our strong partnership with insurance providers enables us to provide holistic coverage to you at a competitive price.