Cyber insurance
Covering your business’ legal liability for a data breach or cyber-attack, as well as the costs for investigating and recovering afterwardsCyber threats are evolving rapidly and risk mitigation is an ongoing challenge
Cyber insurance covers the financial and reputational costs if data or electronic systems have been lost, damaged, stolen or corrupted. This includes the cost of investigating a cybercrime, recovering lost data, repairing computer systems or acting on your behalf if you’re asked to pay a ransom.
Alex Gray Cert CII
Senior Account Executive
Are you taking cyber insurance seriously?
Despite its importance, many businesses still don’t see the value of cyber insurance, viewing it as just another expense. However, for the sake of your business and people, it’s your duty to help change the narrative in your organisation.
21,000+
Over 21,000 cyber-attacks are happening to UK businesses daily
Source: Zigram’s UK Cyber Crime Statistics 2024 report
30-50%
Cyber-insured companies recover from cyber-attacks 30-50% faster
Source: Coalition UK, Cyber Readiness Report 2024
Why is cyber insurance important?
A data breach or hack could have serious impacts on your business, which might lead to:
- Legal action being brought against you
- Loss of public trust and reputational damage
- Critical data being lost, meaning you cannot continue trading.
Any business that uses, sends or stores electronic data is vulnerable to cyber-attacks and data breaches, from small businesses handling their basic customer details to global healthcare organisations processing highly sensitive patient information.
John Allen
Senior Account Executive and cyber insurance champion
We can help you arrange a cyber insurance policy
Cyber insurance: common questions answered
With cyber attacks on the rise, cyber insurance has become important for businesses to explore, evaluate and understand. In these short videos, our cyber insurance specialist answers some of the most common questions.
Every company has some level of cyber vulnerability
No matter the industry you operate in, you will have some sort of reliance on technology for the effective day-to-day running of your business. That’s what makes cyber insurance so important; every company has some level of vulnerability that cyber criminals can exploit.
Professional services
Cyber insurance for professional services helps businesses recover important files lost in cyber events, guard against fraudulent payments, and limit the fallout of a data breach.
Retail
Cyber retail insurance is important for retailers as advances in technology mean that these businesses now top the list of industries vulnerable to cyber attacks.
Manufacturing
Cyber insurance for manufacturers can help these businesses get back online quickly, recover lost funds, and safeguard the supply chain following a cyber event.
Construction
Construction firms rely heavily on technology for everything from record-keeping to supply chain management to payments, making them increasingly at risk of suffering a cyber event.
Case study: Helping a client recover £40,000
A faked email was used to trick one of our clients out of £40,000. The client did in fact owe this - which made the cyber attack so believable. However, the bank details in the email had been changed, redirecting the funds to the cyber criminal’s account. The client had procedures in place to avoid this, yet it still happened.
Our client should have contacted the supplier and obtained confirmation of their change of bank details before sending payment. However, although the client had been found to have made a human error, on this occasion thanks to their cyber insurance policy they still received the full reimbursement of £40,000.
Evett Besley
Insurance Operations Manager
Request a quote from one of our cyber insurance specialists
To arrange a cyber insurance quote for your business, fill out the form below and one of our specialists will be in touch.