Call us today 01534 500500

Cyber Insurance

The changing threat

Traditional insurance policies do not properly cover the cyber-related risks we face in an increasingly connected world and as a result the UK insurance market has developed a number of specialist cyber insurance offerings. Many recent studies have concluded that as many as half of all businesses have suffered a security breach in the previous 12 months. Rossborough has a team dedicated to offering clients, from all sectors and of all sizes, technical advice on cyber risks. As part of the Arthur J Gallagher group, Rossborough has access to specialist insurers and can create bespoke policies designed to meet the needs of clients today and in the future.

Every policy is bespoke

Cyber insurance policies can include the following elements – although every policy is bespoke. Our professionally qualified brokers can offer technical advice to ensure you get the cover you need.

Cyber liability insurance

You can be held liable for any third party data that is lost, so consideration should be given to cyber liability as part of your cyber policy. It ensures protection against non-disclosure agreements and contracts that contain indemnities and warranties in relation to this type of breach as well as consumers seeking legal redress in the event of lost data.

Cyber crime

Cyber crime is the fastest growing area of fraud. New crimes are emerging and they can occur day or night. Identity theft, social engineering and phishing scams and ransomware are just some of the crimes that a traditional insurance policy will not cover. These threats can be covered to a limited degree by a cyber policy but are better insured under a full commercial crime policy.

Hacker damage

Hackers can leave a significant amount of damage behind when they have breached your systems. A hacker damage extension will cover costs incurred to repair, restore or replace websites or programmes.

Cyber extortion

If a hacker attempts to hold your business to ransom, we can provide legal and risk specialists who can help you to manage and navigate this unnerving situation. Policies may cover ransom payments you are advised to make.

Cyber business interruption

When an event occurs, the interruption to a business's ability to trade as normal can prove catastrophic. Cyber business interruption cover can provide compensation for loss of income, including any income lost through damage to your reputation or because of a period of inactivity resulting in client losses.

Cyber containment

In the event of a data breach, confident and quick communication is critical to help minimise the damage to the reputation of your business. Cyber containment cover provides access to communications experts who can provide expert support when you need it most.

Data breach

A properly arranged cyber policy will provide access to specialist breach response services as part of the offering. This gives you access to specialist legal and technical support staff, experienced in handling cyber events, which may be outside the everyday experience of your in-house team.

For advice on the level of cover your business should have in place, speak to Tim Mitchell on 01534 500588 or email tim_mitchell@rossboroughgroup.co.uk

Insight & publications

Ten Reasons to Consider Cyber Insurance Download PDF

The Federation of Small Businesses Cyber Resilience Report 2016 found that SMEs fell victim to seven million cyber crimes over 2014 and 2015. 66% of small firms surveyed have been a victim of cyber crime.

If that isn't reason enough to consider Cyber Insurance, read this article 'Ten Reasons to Consider Cyber Insurance'.

Cyber Crime Infographic Download PDF

In a business market underpinned by technology, digital platforms are integral to the way we communicate and trade, inevitably increasing firms’ vulnerability to cybercrime. Though the risk to large corporations is nothing new, cyber criminals are increasingly targeting small and medium-sized enterprises (SME’s).

View this infographic to see some key statistics which show why the threat should not be ignored...

Security Breach Planning FAQs Download PDF

Cyber generally, and the area of data breaches particularly, are growing concerns for organisations, with the ever increasing awareness of such incidents and the high profile media coverage that can follow.

In this document Sarah Hewitt, a Director in the Major Risks Practice of Arthur J. Gallagher and Nick Bellamy, a Senior INT Specialist with Chubb Risk Engineering Services look at some of the questions which often arise concerning security breach planning.

Cyber Insurance: is your business covered? Download PDF

Businesses today have embraced the connected world, which has brought great efficiencies and advances, but also significant and largely uninsured exposures. This leaves organisations open to reputational damage, supply chain interruption, loss of intellectual property, corruption of data and financial losses.

To respond to growing demand from our customers, our parent company Arthur J. Gallagher’s specialist cyber team has developed a product to safeguard your business against these cyber risks. Get the key information from this product sheet.

The Future of Cyber Crime Download PDF

Cyber crime is one of the biggest threats to businesses, causing over £1 billion of losses in the past year alone. With organisations increasingly becoming more and more tech dependent, it is unsurprising that Action Fraud reported an increase of 22% in cyber crime cases. In this article, Arthur J. Gallagher discusses cyber trends, the future of cyber crime and what businesses can do to protect themselves.

Please select your location:

Jersey
Jersey
Isle of Man
Isle of Man
Guernsey
Guernsey
Alderney
Alderney