Cyber Insurance is designed to meet the demands of protecting your business against the risks of using information systems to access and store data. Whether your data is on mobile devices, computers, servers or in the cloud it can be the target of a cyber attack or hacking attempt.
Loss of Data Protection
Loss of Income Protection
Cyber Crime Protection
Loss of Reputation Protection
Cyber Insurance from Butler Evans has been sourced from well known and secure Insurers with expertise in this field of Insurance. We use a range of insurers in the market to ensure our customers always receive the right product for their needs at the best price available.
Cyber Insurance protects you in the following ways:
Crisis Management Insurance
This section of cover provides reimbursement of the costs of expert advisors to manage your reputation and brand, including costs of PR activities and brand reinforcement. If you do not have appointed experts then Insurers can provide a suitable Professional Advisor from their own resources to assist you through this difficult time.
Data Liability Insurance
Covers Damages and defence costs associated with a breach of data security
Network Security Insurance
Cover damages and defence costs associated with the contamination of any Third Party network, allowing access to a Third Party Network, theft of access codes and theft of data on hardware. You also have cover for data disclosure arising from the actions of an employee.
Regulatory Body Investigations Insurance
Covers reasonable costs of dealing with a data protection investigation, reimbursement of insurable fines and penalties.
Optional additional sections:
- Loss of net profit following interruption to your business.
- Damages and defence costs associated with breach of Intellectual Property Rights
- Cyber Ransom (Extortion) cover
To obtain a quotation for Cyber Insurance, please complete the form below and we will contact you with your cover options:
Top reasons why you should consider Cyber Insurance:
WHAT DATA DO YOU HOLD?
In the digital age companies are responsible for increasing amounts of data, both of their customers as well as their own
employees. On an individual level, if payments are taken by credit or debit card, you are responsible for those details, as well
as any contact details of clients including names and addresses. Employee data can be even more detailed and include payroll
details and medical history. Sub contractors that you use will also have access to this data, and if they suffer a breach
Cyber Insurance will cover your liability here too. On a corporate level, information regarding new developments and planning
issues can also be sensitive, and you are responsible for it being stored securely. If you hold data on US clients, you are
required by law to notify them in writing of a breach. Cyber Insurance will pay for these notification costs whether mandatory or voluntary, and the policy responds to local laws in the applicable territory.
THE FULL COST OF A BREACH:
Your company/practice may be exposed to the following costs:
– Regulatory fines
– Damages and litigation expenses associated with defending claims from third parties
– Diagnosing the source or loss of a breach
– Reconfiguring networks, re-establishing security and restoring data and systems
– Notification costs
– Credit file monitoring
– Implementation of disaster recovery plan
– Lost billable time.
A professional indemnity policy is unlikely to indemnify you for breaches of data protection legislation or the costs to your firm following a breach.
News of leaks spreads fast, especially in an age of social media. Public confidence in a company can diminish within hours. The situation requires careful management and consideration of the media, customers, staff and stakeholders. Swift action and a carefully managed PR response will be needed to regain trust and protect the company’s reputation.
COULD YOUR BUSINESS CONTINUE TRADING WITHOUT YOUR IT SYSTEMS?
If your IT systems failed, or you experienced an intrusion or were hacked, what would the effect be on your business? Inability
to transact business and document work? Damaging existing relationships and hindering the development of new
relationships? Negative publicity? All these lead to a loss of revenue that is out of your control. Cyber Insurance can help cover the loss of revenue, recover the lost data and notify the data subjects of the breach.
CHECK FOR GAPS IN YOUR INSURANCE COVER
It is unlikely that coverage required in the event of a data breach will be provided by standard Professional Indemnity,
Directors & Officers or Commercial Liability policies and it is possible that you may not be compliant with your regulatory
obligations. If limited cover is provided it will not be adequate in certain claims scenarios such as virus transmission, business
interruption without physical damage to premises, and mandatory and voluntary notification costs.