Introduction

Here at Titan Insurance, we know that the potential of discussing a Cyber Insurance policy may seem a somewhat daunting task filled with terminology landmines and jargon which unless you are an IT wizard are difficult to understand.  Have a read of our no-nonsense article below and be better equipped with the knowledge to protect your business. So, let’s get started…

What is Cyber insurance?

In a nutshell, Cyber Insurance policies offer your business protection against losses associated with a potential cyber-attack.  This could be anything from covering your business’ liability associated with potential data leaks (for example, personal customer information, credit card details and health records) to also covering loss of income for the losses incurred due to the business being interrupted following a malicious cyber-attack.

Cyber Insurance can also look to cover instances of cyber-crime (for example, if an employee is deceived into sending funds to an individual or if your business is held at ransom by a hacker). More examples of policy coverage can be found further down in the article.

What effect has cyber crime had to UK businesses?

Unfortunately, cyber-attacks on businesses within the UK continues to grow year on year. In 2021 four in ten businesses (39%) reported having cyber security breaches or attacks. With the average cost of £8,460 per event (as per the Department for Digital, Culture, Media and Sport’s Cyber Security Breaches Survey 2021).  

These numbers are likely to rise as businesses are forced to cut down on IT security budgets due to the dramatic economical effect of the covid-19 virus, making it easier for hackers to gain access to your IT network and wreak havoc among UK businesses.

What can a cyber insurance Policy cover?

Cyber insurance can cover a vast array of events that may occur due to a cyber security breach. Please see below a few key policy components:

  • Extortion – recover costs or a ransom payment if a Hacker holds your business to ransom threatening the release of personal information held by your business.
  • Fraud – Loss of business money where an employee has been a victim of social engineering (The term used for someone who has obtained business monies dishonestly through human interaction usually by deceiving an employee via telephone or email).
  • Loss Of Revenue – recover loss income due to a sustained malicious cyber-attack on your business that has resulted in your business being unable to trade or trade at a limited capacity.
  • Data Recovery – Recover costs following damage to your website, data and software following a malicious attack.
  • Data Security Breach – Costs to manage a security breach including IT experts, legal advice and Costs associated with notifying Customers of a data breach.

What can a cyber insurance Policy cover?

At Titan Insurance, we have access to the top UK cyber insurance providers, meaning we are able offer a wide variety of policies so you can be sure that the specific needs of your business are met. We can offer 90% of businesses a quote over the phone in minutes with no need to fill out lengthy proposal forms with premiums costing a fraction of your company’s turnover.

Still unsure if a cyber policy is right for your business? Why not take advantage of our free no obligation Ransomware calculator?  With a few company details, we can produce and send you a PDF report showing you the potential effects of a ransomware attack on your business in seconds.

Make a wise decision and protect your business by simply giving us a call on 0207 731 3700 or email us at info@titan-insurance.com to receive a no obligation quote in minutes.