Cyber Liability Insurance

Cyber in the News

Information for brokers

What is Cyber Liability Insurance?

Cyber Liability insurance is designed to cover the modern day risks associated with electronic data, communications and information. Most businesses are reliant on computers, software and electronic devices for processing and transmitting data. This makes you vulnerable to data breaches, distortion or loss, libel or slander, copyright, viruses, hacking, etc. The source of the problem does not have to be external hackers or viruses, it could be your own staff accidentally losing or deliberately stealing data or equipment.

What does Cyber Liability Insurance Cover?

Cyber Liability Insurance can cover you for first party losses (damage or loss of your own data, etc) and third party losses (damage or loss to someone else's data, etc).

The cyber liability insurance risk can further be split into two main areas:

  1. Unauthorised use of your network and / or the theft of data. This can be committed by external hackers, employees, ex-employees, contractors, etc and can result in damage to your network and software, loss of data, theft of data, corruption of data, fraud, website damage, viruses on your network or spread of viruses to other networks.
  2. Disclosure or theft of private or personal information. This can be deliberate or accidental and can result in breach of government, governing body or industry regulations

Why Do I Need Cyber Liability Insurance?

If your business suffers a cyber security or personal information breach the results could be catastrophic. The obvious cyber liability fear would be the loss of your own data but there are also the consequences of losing a customers data or contaminating them with a virus. Then, just as devastating, would be the loss of trust, loss of reputation and legal penalties you could face.

What Will Cyber Liability Insurance Pay For?

A comprehensive cyber liability insurance policy can cover damages and defence costs following a breach of data, contamination of third party data, theft of data, fines and penalties and third party intellectual property. It can also cover costs of extortion, loss of profits, notifying customers and reputation management. Therefore, more and more businesses carrying out risk assessments are realising the importance of cyber liability insurance.

Why Should Your Supply Chain Have Cyber Liability Insurance?

You can control your own business to minimise your exposure, but what about those businesses your work and trade with? Your supply chain might be the back door which lets viruses in and data out. A sensible move is to request that businesses in your supply chain also take out cyber liability insurance that will pay out if they damage your business. You may also want to see evidence of their safe cyber security procedures, which can be evidenced by accreditations such as IASME.

What Can Be Done to Reduce The Cyber Threat?

Sensible electronic, physical and cultural steps should be taken within your business to minimise the risk. Working towards the IASME certification is a very achievable way of improving security and demonstrating to others that you are a safe company to do business with. GCHQ has recently released a publication called "10 steps to cyber security" The following quote sums up the cyber liability risk clearly: "Every day, all around the world, thousands of IT Systems are compromised. Some are attacked purely for the kudos of doing so, others for political motives but most commonly they are attacked to steal money or commercial secrets. My experience suggests that in practice, few companies have got this right. And if your company doesn't have it right, your IT systems might already have been compromised, attackers could already have your new product plans, bidding position or research; they may already be running your process control systems!"

For further advice on Cyber Liability Insurance or a to request a Cyber Liability quote then call us now on 01905 21681 or complete an on-line contact form and we will contact you.

"May I congratulate you and your staff for the attention to detail and the service that you have given to Ductbusters over the years. We searched for a long time for an Insurance Broker that had the professionalism to resource the many and varied insurances we required and you have never failed ourselves."

Dermott Quinn, Managing Director Ductbusters Ltd

Read more Testimonials >>

"I highly recommend the Sutcliffe & Co team both for their proactive ongoing annual renewal work & also for helping during a recent claim. Its great to know we have a local firm with people we can rely on."

Julian Powell, Business Director, HallmarkHulme Solicitors

Read more Testimonials >>

“We had been with our current broker for several years and had become complacent. An increase in premiums led us to want to cross check with an alternative broker and we chose Sutcliffe. We found them a breath of fresh air; there was a transparency in our dealings, their advice gave us options and they found competitive ways of providing insurance from high quality companies."

Chris Oliver, Director, CHANE Investments Ltd

Read more Testimonials >>

“Talbot Transport has been with Sutcliffe and Co for many years and have the greatest confidence in their service. We like their friendly and personal staff and feel they have a good understanding of our business. Any problems we have are dealt with swiftly and smoothly with the least amount of disruption to our daily business”

Sophie Talbot, Partner, Talbot Transport

Read more Testimonials >>

“I was thrilled when I found Sutcliffe & Co, friendly, efficient and with competative prices. Their expert advisor really helped me through the insurance minefield and he went that extra mile that other companies just did not...."

Michelle Davies, Office Manager, Davies and Daughters Building Contractors

Read more Testimonials >>

"May I congratulate you and your staff for the attention to detail and the service that you have given to Ductbusters over the years. We searched for a long time for an Insurance Broker that had the professionalism to resource the many and varied insurances we required and you have never failed ourselves."

Anthony Eddies-Davies, Director, Live The Adventure Ltd

Read more Testimonials >>

 
 
Sutcliffe Insurance Brokers Ltd t/a Sutcliffe & Co is authorised and regulated by the Financial Conduct Authority 306068
2 Foundry Street, Worcester, WR1 2BJ tel:01905 21681 | Registered in England No 1167560

Small Business Insurance | Company Insurance | Professional Indemnity Insurance | Commercial Property Insurance | Buy To Let Insurance
Sutcliffe Insurance Brokers Ltd © 2017 | Privacy Statement | Terms Of Use | West Midlands Internet Marketing by WSI | Site Map | Login
at WillStrohl.Modules.OpenGraph.OpenGraphWriter.OpenGraphStream.Write(Byte[] buffer, Int32 offset, Int32 count)
END OF LOG