Cyber Crime Insurance
We are the UK’s leading cyber crime insurance brokers in the UK, with access to all of the big name insurance brands and over 40+ market leading policies. We work with leading cyber insurance experts, to make sure your business gets the bespoke cover it requires. Get a cyber insurance policy quote today!
What is cyber crime insurance coverage?
Cyber insurance coverage is necessary because traditional insurance policies have not been designed to deal with the threats we face in the 21st century. Most traditional business policies have been built to deal with threats to companies physical assets – such as their buildings, offices, fleets and equipment.
There has historically been little to no protection offered under these policies for loss, theft or damage to data, systems, customer records and even your businesses online funds. Gone are the day where businesses operated on paper, where physical assets could be better protected. Now business email, quote and take payments online, meaning they can be intercepted at any time. This is why a cyber insurance policy has now become one of the most essential policies for businesses of all sizes.
Why do you need a cyber insurance policy?
Cyber crime insurance will protect your businesses from a number of potential attacks that can destroy the reputation of your business. According to Lloyd’s Bank, the average cyber attack costs the UK’s businesses £27,000. Compare this to the cost of a cyber insurance policy, and it’s clear to see why more and more companies and now investing in cyber crime insurance.
Here are the three most common cyber risks:
- Theft of funds: This is straight forward theft of money from a company’s bank account. The fact that nearly every business can now move its money around electronically and remotely means that it is much easier to steal. Criminals no longer target physical banks – they target online accounts. Cyber crime insurance will cover the costs that many banks simply won’t.
- Theft of data: Data is valuable, and if something has value, it is worth stealing. Identity theft has reached record levels in the UK and in order to commit identity theft, criminals need data. Seemingly innocuous information such as names and addresses stored on a computer network can be worth more money than you think. Cyber crime insurance will help protect you in the event of stolen data.
- Damage to digital assets: in order to operate, businesses now have an incredibly high dependency on their systems, and criminals know that. By either damaging or threatening to damage a firm’s digital assets, attackers know that they can extort money from their victims who might prefer to pay a ransom rather than see their business grind to a halt. Cyber crime insurance will help cover these high costs.