Cyber 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 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.

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.

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.

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.

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.

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.

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...

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.

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.

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.