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Cyber and Data Insurance from Hiscox and Clarke Williams
A cyber-attack against your business is no longer a case of ‘if’ but ‘when’ which is why Clarke Williams Insurance Brokers have partnered with Hiscox Insurance to provide a comprehensive policy to meet the ever changing landscape of cybercrime.
In 2017, nearly half of all businesses were hit by at least one cyber-attack with average costs for UK businesses ranging from £25,000 for smaller businesses and £385,000 for companies with 1,000 employees or more. 2017 also found that 67% of Hiscox cyber claims were caused directly by employee error, negligence or social engineering.
Your Business is at risk if…
- You hold customer or employee data such as names, addresses, bank details, passport copies etc
- You use a computer to operate
- You have a website
- You take payment via card
- You store data in the cloud or rely on cloud-based services
- You make electronic payments
How Cyber Insurance can protect your business
Hiscox CyberClear has been developed to offer comprehensive, but flexible, cyber cover to UK business of any size from one person operations to multinationals and include protection against:
- Data breaches- where personal or commercial information (electronic or otherwise) is accessed without authorization;
- Security failure- a hacker exploits weaknesses in your security systems, leaving your business exposed;
- Cyber attacks-any digital attack against your business;
- Extortion- criminals holding your systems or data to ransom or threatening to publish information;
- Human errors- mistakes made by staff or suppliers that results in a data breach or system outage;
- Business interruption- covering the loss of income that you may suffer from a cyber attack;
- GDPR- covering your liabilities and the cost of defending regulatory investigations after any alleged breach of data protection legislation;
- Reputational damage- includes PR and crisis management support, and covers lost revenue or customers;
- Financial crime and fraud- the use of the internet to deceive employees, customers or suppliers into transferring money or goods;
- Property damage- physical damage to equipment or property resulting from a cyber attack;
- Dependent business interruption- covering lost revenue or increased costs incurred if suppliers’ systems are taken offline by a cyber incident.
Getting a Cyber Insurance quotation couldn’t be simpler
To obtain a Cyber Insurance quotation we only need a few simple details about your business, alternatively you can complete Hiscox pre priced electronic proposal form. We can provide instant quotations for the majority of your clients without the need for additional information.
Why choose Hiscox CyberClear insurance?
Hiscox CyberClear will help to protect your business from the financial and reputational costs of a cyber incident. If the worst should happen, you know that you will have the reassurance, support and advice from the UK’s market-leading cyber insurer.
- Access to the best experts in the business- Through Hiscox CyberClear you have instant access to a network of market-leading expertise from IT forensics to privacy lawyers and reputational experts.
- Future proofed- Not only will Hiscox CyberClear cover you for todays risks, our extensive policy wording means that you’re protected from emerging risks, threats and digital attacks that criminals may adopt in the coming years.
- Breadth of cover- Hiscox CyberClear covers the financial costs and business impact of an incident, as well as offering a range of additional features; from worldwide cover as standard, key person cover and no overall policy aggregate limit, to a 72 hour excess waiver, directors personal cover and no retroactive date.
- Simple to understand- Hiscox CyberClear is just that…. clear. There are no complicated modules. You know what you are buying and what you are covered for.
- We know what we’re doing- Hiscox have been providing this type of insurance since 1999 and has handled thousands of claims in that time. We know the risks your business faces- whether you’re a two-partner legal firm or tech business with hundreds of employees- and how best to manage and mitigate them.
- Hiscox CyberClear Academy- prevent a cyber incident happening through access to out online suite of cyber security training modules for you and your employees. Access to the academy is free to all Hiscox CyberClear customers with a revenue of less than £10 million.
Hiscox’s response to Cyber Insurance claims
A costly phishing trip
Sector: Financial services
Claim cost: £226,000
An employee at a financial services agency fell victim to a phishing incident in which a spoof email from one of the company’s senior managers requested that the employee transferred £226,000 to a specified bank account. Believing the request to be genuine, the employee issued the fraudulent wire and both the agency’s bank and the receiving bank were unable to recover the funds. The email was actually from a Gmail account created to imitate the senior manager’s genuine address.
On realising what had happened, the agency called us and we immediately engaged a data breach coach and IT forensics to confirm whether there had been any breach of the insureds systems or whether personal data had been compromised.
We reimbursed the money lost within a month of notification while it was confirmed that no breach of data had occurred so there was no need for any notification. Losses for payment diversion fraud can be offered as an additional cover to the standard Hiscox CyberClear policy.
An IT firm falls victim
Claim cost: £70,000
A technology company noticed that a piece of malware had been installed in one of its servers.
We immediately instructed an IT forensics firm to investigate what the malware was doing and how it had been installed on our insureds systems. The server contained a substantial amount of personal data and we also investigated whether there was any wider breach or risk that personal data had been compromised.
Given the potential gravity of the breach, we also instructed a breach coach to manage the investigation. The investigation confirmed that the malware was mining, but fortunately nothing more than this and there had been no wider breach.
Advertising for Bitcoin
Turnover: Up to £1m
Claim cost: £39,000
A PR company noticed a problem with its emails. Its regular IT contractor investigated and concluded the most likely cause was malicious activity. The insured contacted us and we deployed an IT forensics team who were quickly on site to investigate and confirm the insured had indeed been the victim of an attack.
The PR company’s IT systems had been infected with cryptojacking malware to mine for cryptocurrency. They also confirmed that the hackers who deployed the malware had accessed the insured’s systems and that personal data was potentially compromised.
After investigating the extent of the breach, the IT team removed the malware and plugged the gap in the PR company’s security which had allowed the breach. We then engaged legal counsel to advise the insured on its notification obligations, and then arranged the notification of the regulator and relevant data subjects
Frequently asked Cyber Insurance questions?
Why should I buy insurance for cyber risks?
You’re most likely covered for risks like fire, flood and professional negligence but you are just as likely to suffer a cyber attack which can lead to loss of business, revenue and reputation; significant extra costs involved in dealing with the attack; and, regulatory penalties.
Doesn’t my business insurance cover this risk?
No, Your standard business insurances will not provide the comprehensive protection you need against a cyber attack.
Hackers aren’t interested in me, are they?
Much of the criminal activity online isn’t specifically targeted at a particular business; those behind the attacks will often use tools to search the internet for any system that had a vulnerability. They will then exploit that vulnerability, regardless of who is sitting behind it.
I’m not an online business, so is this cover relevant for me?
A lot of companies identify as ‘offline’ and assume they don’t need cyber insurance. However, virtually all UK businesses (98%) represented in a government survey rely on some form of digital communication or services, such as staff email addresses, websites, online banking and the ability for customers to shop online, which exposes them to cyber security risks.
What does Hiscox CyberClear offer that other cyber insurance policies don’t?
Hiscox CyberClear offers the broadest cyber cover available in the market, accompanied by a team of experts who will get your business back up and running fast in the event of an attack.
Does the policy only protect against hacking attacks?
No. Whilst cyber criminals are ie of the biggest sources of claims, issues can also occur from human error, such as sending an email to the wrong address, leaving a briefcase on a train, or mistakes in configuring a system.
I don’t hold any customer personal data- do I still need this cover?
The definition of personal data under GDPR is very broad, and would still include things like a business email address. You also need to consider suppliers details, as well as information relating to employees (past, present and prospective). Additionally, the majority of claims that we deal with do not involve a breach of personal data, but loss of funds, data corruption or system downtime- all of which you may be vulnerable to even if you do not hold much personal data.
For cover from as little as £400 can you really afford to not have cover?
Contact us to find out more about Cyber Liability Insurance and how our specialist team can help protect your business.
Be safe in the knowledge that your business is protected. Get a quote for your Cyber Insurance by calling our team on 01732 252 898.
This information was provided by Hiscox Insurance Limited, one of Clarke Williams Ltd specialist insurance providers.
Be safe in the knowledge that your business is protected.
Get a quote by calling our team on 01732 252 898
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Clarke Williams Ltd are authorised and regulated by the Financial Conduct Authority under reference 758683. The Financial Conduct Authority’s Register can be accessed through http://www.fca.org.uk/ . We are registered in England and Wales with Companies House under number 10317065. Our registered office address is 194 High Street, Tonbridge, Kent, TN9 1BE