Types of business data risks
Data Breach
- Inadvertently sending out extra information in letter
- Leaving papers on a train
- Dumping papers in a skip
- Disposal of data/shredding
- Faxing to wrong people
- Theft of laptop from car
Cyber Attack
- Hacking to extort
- Hacking to cause interruption
- Hacking to steal data or capital
How much does Cyber Insurance cost?
A business with a turnover up to £10,000,000
| Limit of Indemnity |
£100,000 |
£250,000 |
£500,000 |
£1,000,000 |
| Annual Premium (Inc IPT @ 9.5%) |
£191 |
£318 |
£477 |
£635 |
What to look for in a Cyber Insurance Policy
- An insurer that brings in the experts immediately
- Compensates you for any financial loss as a result of a cyber attack
Cyber and data insurance standard policy covers
First Party
|
Cover Overview |
Main Areas |
| Breach Costs |
Costs incurred in responding to an actual or suspected data breach |
- Legal fees
- IT forensics
- Notification costs
- Credit monitoring services
- Call centre setup
|
| Cyber business interruption |
Business interruption following cyber incident, including as a result of reputational damage |
- Loss of income
- Increased costs of working
|
| Hacker damage |
Costs incurred in replacing/repairing damage caused by hacker |
- Computer systems
- Computer programmes
- Data held electronically
|
| Cyber extortion |
Cost incurred in the event of a threat to damage or disrupt computer systems, or publish information |
- Ransom payment
- Consultant to handle negotiation
|
| Crisis containment |
Public relations response – prompt, confident communication |
- Expert advice to assist with developing communication strategies to running a 24/7 crisis press office
|
Third Party
|
Cover Overview |
Main Areas |
| Privacy protection |
Defence costs and awards/settlements made following legal action or investigation as a result of a data breach, invasion of privacy, or breach of confidentiality |
- Any breach of Data Protection Act
- Breach of confi dence
- Regulatory fines/awards
- Payment Card Industry charges
- Claims by employees
|
| Media liability |
Defence costs and awards/se ttements made following legal action as a result of company’s online presence |
- Breach of intellectual property
- Defamation
- Transmission of a virus
|
Optional
|
Cover Overview |
Main Areas |
| Cyber crime |
Direct financial loss arising from an external hack into a company’s computer network |
- Money
- Securities
- Tangible property
- Digital assets
|
| Telephone hacking |
Costs of unauthorised telephone calls made by an external hacker following a breach of a company’s computer network |
|
