Cyber Liability Insurance

Cyber crime as you may have seen in the press recently is becoming more and more common. With experts now predicting all businesses should expect a hack when rather than if!

Cyber liability can protect your business against:

Ignite Insurance Brokers are now an Accredited Cyber Insurance Broker by the British Insurance Brokers Association (BIBA) and this just goes to show our expertise and commitment in the Cyber Liability Insurance space.

• You hold customer or employee data such as names, addresses, bank details, passport copies etc
• You use a computer to operate
• You have a website
• You take payments via card
• You store data in the cloud or rely on cloud based services
• You make electronic payments

Premiums start from just £280.00 (Including IPT @ 12%) per annum which is not a lot of money for peace of mind!

Frequently Asked Questions

We have compiled a list of frequently asked questions to try and answer any Cyber Liability Insurance queries but as always, if you have any further questions, please do not hesitate to contact us where our Cyber Liability Insurance team will be on hand to assist.

Im only a small business, do I still need Cyber Liability Insurance?

The answer is plainly and simply, Yes. All business’s should have Cyber Liability Insurance. Small business’s are more at risk than larger ones as their IT protection isn’t as advanced as a larger corporation and they haven’t got the budget for a whole IT department, making easy pickings for a cyber criminal. It can also be as lucrative to hack a small business as oppose to a larger one.

As a society, we have been insuring against traditional perils such as fire, flood and theft for hundreds of years but times are changing and you are now more likely to have a cyber attack than a traditional claim so why wouldn’t you insure against it and protect your business.

Do Cyber Liability Insurers all offer the same cover?

In short, no. Insurers all offer the same core covers such as Cyber Attacks and Ransomware but some offer extra covers and extension to covers such as Invoice Fraud and Cyber Attack Business Interruption (Which isn’t covered under a traditional policy) and these can be very important depending on your requirements. This is why its important to speak with an experienced Cyber Insurance Broker so that they can talk and guide you through the varying covers and limits. At Ignite Insurance brokers, we also have insurers that are pro-active in their approach and monitor your networks and the dark web to warn you and stop an attack before it even happens.

What Cyber Liability Insurance limits should I have?

This will vary from type of industry, turnover and possible downtime but factors to consider are the average ransomware demand for UK business’s in 2024 was £3.9 Million and the average downtime was 22 days (This would be a factor for Cyber Business Interruption). Although these figures can be different for each attack.

What can I do to help avoid a cyber attack or reduce the amount of damage caused?

Most Cyber Liability Insurance policies will insist that you:

• Install updates within 14 days of release
• Carry out regular back-ups of your data with the durable medium not being kept within your network, so an external SSD kept off site is ideal and we would recommend daily updates where possible.
• In regards to making electronic payments – make it standard practice that you verify bank details for new accounts over the telephone to a known number (Not the one on the email)
• Have 2 Factor Authentication in place for some or all of your systems.

Over and above that it can be good practice to put staff through training programmes to help them identify scam emails and give them good basic IT security skills.

Having a good password hygiene system in place is also essential and some tips are below:

• Use password managers to encourage the usage of complex and unique passwords
• Require complex passwords using upper and lowercase, special symbols, and numbers
• Encourage users to never re-use passwords between work and home
• Store passwords securely in an encrypted format
• Change all default and vendor-supplier passwords