Compare Cyber Insurance
As technology continues to advance, cyberattacks and data breaches have become increasingly common. Cyber Insurance is a form of insurance that helps protect businesses and individuals from the financial losses and liabilities that can arise from these types of incidents. With so many insurance providers offering Cyber Insurance policies, it can be challenging to choose the right one for your needs.
At Clarke Williams, we specialize in providing Cyber Insurance policies tailored to fit the unique needs of your business. With our wide range of coverage options for small businesses with only a few computers and websites all the way up to large national companies storing sensitive data across multiple offices, there is an option that provides you with peace of mind from potentially devastating cyberattacks. Contact us today so we can help find the perfect policy for protecting your company against unexpected cyber threats!
Why Cyber Insurance?
Cyber Insurance is becoming increasingly important for businesses and individuals as cyberattacks become more common and sophisticated. A data breach or cyberattack can result in significant financial losses for a business or individual, including legal fees, fines, and reputational damage. Cyber Insurance provides coverage for these types of losses, giving businesses and individuals peace of mind knowing that they’re protected in the event of a cyber incident.
We can provide cover limits ranging from £100 thousand to £10 million and we have access to the following extensions of cover:
- Protection against GDPR non-compliance claims
- System damage and business interruption
- Hardware replacement costs
- Increased costs of working following a cyber-breach
- Compensation for loss of income due to a data breach
- Incident Response Costs
- Help to recover your position where there’s reputational damage
- IT Security and Forensic investigations to aid data recovery, plus legal advice
- Help notifying regulators after an attack
- Repair or replacement if cyber events damage your equipment
- Indemnity for losses incurred if your supplier faces a breach
- Consultancy support
- Liability support if someone alleges you’ve transmitted a virus
- Cyber Crime – Fund Transfer Fraud
- Telephone Hacking
In addition to financial protection, Cyber Insurance can also provide access to resources and experts who can help prevent cyber incidents from occurring. This can include risk assessments, employee training, and access to cybersecurity experts who can provide guidance and support.
For a bespoke Cyber and Data Insurance quote contact our
Liability specialists today on 01732 252 898
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Who needs Cyber Insurance?
Any business that collects, stores, or processes sensitive information should consider Cyber Insurance. Small businesses dealing with sensitive information can be particularly vulnerable and should be aware of cyber risk and consider investing in Cyber Insurance. Failing to do so can leave you at risk; after all, hackers often target small operators due to the lower security measures typically found at these establishments. Having a solid insurance policy is your best protection against financial losses associated with potential malicious activity online!
Professionals who store sensitive information on their devices or in the cloud should also consider Cyber Insurance. This can include personal financial information, medical records, or confidential business information. Cyber Insurance can help provide financial protection in the event of a data breach or cyberattack.
How do insurers calculate a Cyber Insurance premium?
When considering cyber insurance for your business, it’s important to understand the various factors that could influence your coverage terms.
Turnover or fee Income
The fee income is an important rating factor when an underwriter is considering an insurance premium, as it is the one element that all companies can be judged on and assists in determining the size of an organisation.
Type of clients and the number or record held
The volume and type of data being held is taken consideration. The insurers proposal form will ask you for details of the work in which you are involved in. Small marketing list would be considered low risk, as opposed to large volume of personal information such medical or banking details
Does the business carry out work for overseas clients? Businesses often find that their services are required on the other side of world, especially in developing countries where there can be a skills shortage. The legal requirements in other countries can also be very different to the UK, with countries such as US and Canada being more litigious, as a result this can affect the premium being offered.
Number of years trading and experience
Newly established businesses can be seen as an increased risk to insurers as there is a lack of trading history to confirm a good claims experience or ability within the organisation.
IT Security and procedures
Does the business back up their files and software, is MFA being used, is training provided, do they employ a security expert.
Demonstrating that the business takes cyber security seriously such as having cyber essentials will reduce your premium.
Can you afford not to hold Cyber and Data Insurance?
Businesses are increasingly targeted by cyber criminals, but many don’t have the coverage they need to protect themselves. Hackers can do a lot of damage, including stealing data, holding data for ransom, or shutting down your business.
According to a study by IBM, cybercrime costs the global economy more than £1.6 trillion a year. Data breaches alone cost businesses an average of £3.2 million, and that number is only going to continue to grow. A data breach can happen to any business, large or small. In fact, 60% of small businesses go out of business within 6 months of a data breach.
At Clarke Williams, we believe that the best offence is a good defence. That’s why our tailored plans offer coverage that guards against data breaches, cyber extortion and beyond – plus access to security experts so you can stay one step ahead. Don’t take chances when it comes to cybersecurity – reach out for more information and find out how to safeguard yourself in this virtual world. Get in touch now and we will make sure your digital assets remain safe from harm!
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