Cybersecurity Insurance | Cyber Liability Insurance | Enquire Now

Cyber Liability Insurance

Traditional insurance policies were not designed for the new risks businesses face in a digital age. Businesses now face a new raft of exposures that can bring the potential for significant financial loss.
IT systems now play an essential role in the running of any modern-day business, so it’s becoming more and more important to have strong security measures in place to strengthen your digital vulnerabilities. Cyber-attacks are becoming increasingly common and pose a threat to all types of sensitive business information, the news is growing of incidents that occur more and more regularly, which is where cyber liability insurance comes in, helping to minimise the financial damage of any potential breach that could occur.

Horner Blakey

Insurance Brokers

What is cyber insurance?

As expert insurance brokers in London, we can help you secure cover for cyber liability. Our second location in Billericay allows you to be supported by our local insurance brokers in Essex.

Cyber liability insurance gives your business financial cover if you have been the victim of a cyber-attack.

In today’s digital age, companies of all sizes are susceptible to cyber-attacks and the financial consequences can have a huge impact on your business, so having the right type of insurance in place could make all the difference.

staff working on computers

Do I need cyber insurance?

Whether it’s handling sensitive customer data, you have a duty to protect or relying on IT systems to run your operations, every business is vulnerable to a security breach.

Smaller businesses may feel they are not as likely to be a target of a cyber-attack, however, this is not the case. In 2019 it was reported by the Federation of Small Businesses that small businesses in the UK were collectively subjected to almost 10,000 cyber-attacks a day, costing an estimated £4.5 billion each year.

UK GDPR also requires businesses to have robust systems in place to protect customer information, with large fines imposed if data is leaked and the company found to be at fault following an ICO investigation.

Horner Blakey will work closely with you to develop a bespoke insurance policy that ensures you have the right level of financial protection in place, helping to protect your business and your customers.

Before proceeding, always read the full details of your individual policy as terms and conditions will apply.

What does cyber liability insurance cover?

Because there are many types of cyber-attack that can affect your business, the insurance options are just as comprehensive.

The first consideration is the level of protection and security you have, on a house locking all the doors and windows is straightforward, do you know how to do this on a computer?  Insurers are asking more and more for companies to put in place the basic security before they will offer insurance protection.

Data Loss  –  Data security breach, Virus Hacking and denial of Service attack

Extortion– upto an agreed limit

Cyber Crime – including corporate identity theft or theft of personal money

Cyber Liability including network security liability, data liability and multimedia liability

Since Cyber is a relatively new insurance different insurers deal with this in different ways, for example Some insurers say that theft cover is included other say theft cover by break in, the difference is subtle but has profound differences on claims, Horner Blakey helps you navigate these differences to provide the protection you require.

What are the requirements for cyber liability insurance?

More and More insurers need you to meet  a certain minimum criteria to qualify for cover. This ensures you have strong protection in place in the event of an attack, reducing the likelihood of you making a claim.

These include Access and Passwords, Data Back up, Firewall protection and virus protection.

Horner Blakey can advise you on any specific criteria that an insurer is requesting you meet, making the process much faster and easier to manage and complete.