Business owners have only recently come to realise the importance of having Cyber Liability insurance. As a result, more insurers than ever before offer these policies, and cover is becoming cheaper and more comprehensive.
Cyber Liability protects your business in the event of a data breach or attack by a hacker. This insurance can provide cover on both a first party and third party basis. Third Party insurance will typically provide coverage for your legal liability for claims made against you as a direct result of a cyberattack while first party coverage will cover the costs of your own business in responding to a cyber event and any resultant loss of profit.
We offer policies which include cover for:
- Reputational PR
- Third party credit monitoring
- Cyber Business interruption
- Losses which are attributed to your IT service provider
In a world of social media, it is important that Crisis Response is managed properly, so we will only recommend Cyber cover which includes a dedicated incident response team on hand 24/7. This means they can help manage everything from notifying potentially affected customers to monitoring social media following the incident.
What type of claims would be covered by a Cyber policy?
- An employee unintentionally attaches a file containing confidential and business critical client information to a marketing email sent to a large database of potential clients, including competitors, leading to a series of claims.
- A delivery firm has its systems hacked and is unable to track or plan deliveries leading to significant business interruption and loss of profits.
- The outsourced cloud service provider who undertakes all daily system backups is the victim of a cyber breach. Your contract with them will generally be on a limited liability basis leaving you exposed as the data owner suffering the potential for both first and third party claims together with reputational damage.
We have access to a range of insurers, so no matter what sector you work in, we can ensure you have the right cyber liability cover in place. And if the worst should happen, our in-house claims team will work to get your claim settled as quickly as possible, to get your business back up and running faster.
That’s the Centor Difference.
For more information, call James Groves, Assistant Manager – Commercial Division,
on 0207 330 8707.
Download our one pager on Cyber Insurance.