CompareCyber Insurance

Compare cyber insurance quotes to find the best insurance deals for protecting your businesses IT systems, networks and digital assets.

What industry does your business operate in? *

Compare the UK's Leading Brands

What is Cyber Insurance?

Cyber Insurance, often referred to as “cyber risk” or “cyber liability insurance”, is a form of insurance that protects against losses relating to damage to, or loss of information from, IT systems and networks, such as data breaches or malicious cyber hacks on work computer systems.

Companies are responsible for their own cyber security, but in the event of a cyber-attack, having the right insurance policy in place can provide protection from financial losses as a result, as well as provide support to keep the business afloat.

Who is Cyber Insurance for?

All types of data are vulnerable to cyber-attacks and data breaches, so If your business is involved in sending, storing or handling electronic data, you could benefit from Cyber insurance. This applies to businesses of all sizes, structures and industries, including sole traders, partnerships and private companies.

Examples of businesses that can benefit from cyber insurance include:

E-commerce businesses

If an e-commerce store falls victim to ransomware that takes the website down, cyber insurance can cover loss of income for the period the website is down.

Offices

If an office suffers technical issues resulting in downtime, Cyber insurance can cover the cost of repairs, replacement equipment.

Shops

In the event of a cyber-attack to a shops’ I.T systems that exposed customer data, all customers must be notified within 72 hours of becoming aware of the breach, of which cyber insurance can cover the cost of customer notification.

Service based business

If a GP Surgery suffers a data breach resulting in data loss, Cyber insurance can cover the cost of recovering lost data, investigating the breach or the financial loss that could occur as a direct result of an attack

Do I need Cyber Insurance?

With 39% of business reporting a cyber-attack in the last 12 months, cyber security is essential. Taking out a policy to cover against losses caused by cyber-related issues can be the difference of whether your business survives a cyber-attack or not.

Without a cyber insurance policy in place your business isn’t protected if something happens to your I.T systems and networks, or you become victim to an attack. You will be liable to cover the full costs as a result of an event that may not be your fault.

What are the different levels of Cyber Insurance cover?

Cyber risks typically fall into one of two categories, first party and third-party risks. Insurance policies exist to cover one or both risk types.

First Party

First party cyber insurance covers your business’s own assets, such as:

Theft of digital assets or money as a result of electronic theft, or theft of equipment.
Loss or damage to digital assets, such as software or data.
Interruption to business activities as a result of network downtime.
Cyber exhortation, where third parties threaten to release data or cause damage unless a ransom is paid.
Expenses arising from customer notification where there is a regulatory or legal requirement to notify customers of a security or privacy breach.
Damage to the business’ reputation arising from a data breach that results in loss of intellectual property (IP) or loss of customers.

Third Party

Third party cyber insurance covers the assets of third parties, such as your customers. These may include:

Loss of third-party data, including customer compensation for failure of software or systems, or denial of access to such systems.
Multi-media liability, to cover defence costs, civil damages and investigation costs arising from defamation, breach of privacy, or negligence in publication in electronic or print media.
Security and privacy breaches, and the defence costs, civil damages and investigation costs associated with them

What else does Cyber Insurance cover?

Cyber insurance may also cover other eventualities, depending on the specific policy. These can include:

Fixing any damage to computer systems belonging to you or a service provider.
Identifying and removing viruses from computer systems.
Hiring professional consultants to provide advice on preventing future incidents.
Fraudulent data manipulation in your computer system (or your service provider's system which results in a loss to you), resulting in money being taken from an account or assets being transferred without your permission.
Informing the data privacy regulator and other affected third parties.
The cost of hiring public relations and crisis-management experts to help you minimise damage to your brand, business operation and reputation.

What information do I need to get a quote?

To get a quote for commercial buildings insurance insurance, you’ll need the following information:

Business name, trading address and legal status.
Trading history, including date of registration, length of time trading.
Details of I.T systems and software programmes withinthe business
Details of customer data handling procedure
Details of claim history (if any)
Policy preferences, including type of cover, what options you want & policy start date.

How much does Cyber Insurance cost?

The cost of cyber insurance varies significantly depending on a range of factors. These include; the level of cover you need, the value of that cover, the nature of your work, and any risks specific to your company operations or industry amongst other factors. Businesses that are perceived as riskier will usually pay a higher policy price.

Another important factor to consider is choosing the right provider for your business insurance. The overall cost can vary dramatically between providers, even for the same or similar levels of cover, so it’s always worth comparing a number of providers to ensure you get the best deal.