Cyber Insurance represents an innovative new risk protection product combining Crisis Response services and Insurance.
They key benefit of our Cyber Insurance products is the immediate access to high quality advice on managing public relations and brand reputation following a data breach event.
Our policies vary in price and cover to give your business the flexibility to chose insurance that is relevant and affordable. Typical Cyber Insurance cover will include Crisis Response, damage to your IT systems, Third Party Liability and Regulatory penalties.
Loss of Reputation Protection
Hacking & Ransomware protection
Liability to Third Parties
GDPR & Regulatory Penalties
Cyber Insurance from Butler Evans has been sourced from well known and secure Insurers with established expertise in this field. 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.
Our Cyber Insurance is modular so any business can select an affordable policy to protect their exposures from Corporates with multi-location networks to SME’s holding a few records of customer’s data.
Incident Response & Cyber Extortion
This section of cover provides reimbursement of the costs of expert advisors to help you respond to a Cyber Attack, 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.
Cyber Extortion Insurance covers ransom demands and provides expertise in negotiating with an extortion threat.
Third Party Liability
This section provides insurance against damages you are legally liable to pay to a Third Party following a breach of network security or data privacy.
System Damage & Business Interruption
This part of a Cyber Insurance policy provides protection against the damage to your own systems and data, including loss of business income following an insured event.
GDPR & Regulatory Body Investigations Insurance
Covers reasonable costs of dealing with a data protection investigation, reimbursement of insurable fines and penalties.
Other cover available
- Cyber theft/crime – includes fraudulent use of online banking
- Media Liability – Including breach of intellectual property rights & defamation.
To obtain a quotation for Cyber Insurance, please complete the form below and we will give you a call:
Some reasons why you should consider Cyber Insurance:
GDPR – WHAT DATA DO YOU HOLD?
In the digital age companies are responsible for increasing amounts of data, On an individual level, if payments are taken by credit or debit card, you are responsible for the personal data recorded. 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 breachCyber 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.