Cyber Insurance

Cyber Insurance is the recovery payment made to your business after a cyber attack has been made and a financial loss has occurred. The financial loss can be seen in many ways, such as damage to brand reputation, loss of client information, the recovery cost to replace equipment, hire technicians and investigators. Unfortunately there is no insurance that can prevent an attack, but our Cyber Insurance can keep your mind at rest, that if an attack was to happen, that your company will still be standing and moving forward, as the financial burden will not be on your shoulders but the insurance company’s responsibility to pay your claim, if you are fully covered in the insured event.

Although Cyber Insurance won’t prevent the actual attack on your business, it can help reimburse the costs of the damage caused to your company. This means you can have the confidence that if you had taken out Cyber Insurance through a reputable broker who is able to ensure that you are comprehensively covered based on our situation, then you will have nothing to worry about regarding the financial hit if a cyber attack was to take place. This does not mean that you should take preventative measures lightly, as actually having cyber attack preventions in place could potentially reduce your cyber insurance premium.

As Cyber Insurance is relatively new cover only breaching our ears around 2005, there is no standard for underwriting these policies as there could be so many variations of attacks and also the damage it can cause. However, below are some of the most common reasons for a claim to fund the recovery action:

Investigation: The costs of hiring experts to determine the source of the problem, why the attack happened, if any preventative measures could have stopped the attack should had they been implemented beforehand, and what can be done now to prevent such attack happening again.

Business losses: These could be costs around repairing or replacing physical systems, business interruption, server downtime, loss of data, repairing reputation damage, and the costs involved around managing the crisis, such as mitigating the negative impact on clients.

Privacy and notification: It is a requirement by law to notify customers whose data has been breached or even may have been accessed by the cyber attack. This may be a simple email, a letter, account notification, or even a recorded phone call.

Lawsuits and extortion: This may include legal disputes with the release of confidential information and intellectual property, as well as regulatory fines with being under secure against today’s minimum standards. The demand for payment from such attacks as ransomware can also be covered in this cyber insurance category.

Our expert insurance advisors will assess your needs and put together the best Powerboat Insurance package for you to ensure the most comprehensive protection that you require. We aim to source the best cover for you at the lowest price from our panel of insurers.

After the breach of your data from a cyber attack, you are able to claim against your cyber cover to reimburse you for the costs that you are insured against, such as investigation, lawsuits, equipment replacement, and other areas which you are covered under your policy. Preventative measures need to be installed to prevent the occurrence of such an event happening again, all of which could be covered under your cyber insurance policy. To ensure that you have the full protection you require for your business, make sure you speak with a Cyber Insurance expert to go through all of your options and provide you with the best advice for your situation which is in line with your expectations of protection. Give us a call or complete the online quote form to get started with your Cyber cover.

An insurance company will be looking for risk preventative measures that have been put in place such as a creation of a cyber risk profile, which determines the strengths and weaknesses of the business, and the action taken to protect the more vulnerable areas. A business will also be assessed by the level of employee education and training that has been implemented to raise awareness of phishing and social engineering cyber attacks.

These are just a couple areas of cyber insurance assessment, however, in today’s times a company should be seeking out cyber protection agencies that can strengthen the protection of the business and highlight their weaknesses. Ethical hackers should be hired on a regular basis to execute test attacks, seeking out any areas that could be exploited by real cyber attackers that could cause the company a lot of damage.

Ensure that you speak with a cyber insurance expert who can provide you with the best advice to make sure your business has the right protection before and after an attack. Give us a call or complete our online quote form to get started with your cyber protection.

The good thing with getting your Marine Insurance with Bateman Group, especially if it’s for powerboat racers and owners, is that we are here with you as your trusted insurance advisors every step of the way, who you can actually speak with and visit in person if you want to. You can rest assured that when you take out a Marine Insurance policy with us, that we will ensure that everything is correct to give you the highest chance of getting a claim paid out if anything unfortunate was to happen to your powerboat or anyone involved.

Yes, our cyber policy can include cover against social engineering and phishing attacks, as well as attacks on the actual network infrastructure. A successful cyber attack could have come from an email that seemed to be trustworthy by one of your employees, and then once opened, initiated a virus across the network that gave access to sensitive business and client information to the cyber attackers.

It is vital that you have such additional cyber cover in place, as these type of attacks are getting harder and harder to distinguish from the real trusted sources. To prevent such occurrences happening, it is vital that employee training is carried out by professionals to raise awareness of such attacks, with a clear procedure in place to prevent and also mitigate any unfortunate confrontations with such attempted cyber attacks.

We do offer cyber protection that can extend to third parties such as one of your service providers. The cyber attack could have actually come from a third-party service provider, to which you will need to ensure that you have cover for in case they don’t have the right cyber insurance in place to also pay for the damage they had caused letting in a cyber attack to your business.

On this note, it is very important that you ensure that anyone that has direct access to your internal network who is a third-party has comprehensive protection in the event of an unfortunate cyber attack on your company’s network. Although this is usually a required regulation anyway for certain industry service providers these days, especially in the IT support sector, it doesn’t hurt to ask the question to ensure your pre and post cyber protection.

Yes, we are able to provide cyber cover against non-malicious attacks caused by an employee. Your employees could be your best friend one minute and then the next because of a disagreement they could cause some real damage to your business as they have direct access to your sensitive company and client information or at least more access than a total stranger. So depending on what company network files and client data they have access to could directly correlate to the potential power they have to enforce a lot of negative action should they wish to acts in such a way against your business.

It is vital that you are covered in these kinds of situations, as being underinsured in such an event could be very costly for your company to rectify. Speak with a cyber insurance expert to understand the best options for your situation and ensure your expected level of cover. Give us a call or complete our online quote form to get started with your cyber insurance today.

Advanced Persistent Threats (APTs) can take time to develop into a damaging cyber attack on your business; this can be over weeks, months, and even years. Our cyber cover will protect you for the time you have a live policy, but can also be extended to a further date in the past should you believe this to be a reasonable action to ensure that you are covered in case of any attacks that have been going on for years under your awareness, and only come to fruition recently.

Speak with a cyber insurance professional today to discuss your concerns and also understand your best options from an expert’s point of view, so you can make the right decisions for your business going forward. Give us a call or complete our online quote form to get started with your comprehensive cyber cover today.

Setting in place risk preventative measures and procedures can dramatically reduce the chances of the claimed risk happening again, such as improved security systems and the latest sensors. These efforts can also help increase the number of insurers that we are able to approach to provide you with the most comprehensive and lowest priced Marine Insurance package in your current state of risk and previous claims.

We are able to provide most types of Cyber Insurance packages in monthly instalments. Please don’t hesitate to get in touch with one of our insurance experts who will be able to advise on the best solution to ensure the full cyber protection of your business. Please start an online quote at the top of the page or call us on 01926 495 113.