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Cyber Risk Insurance - Does it apply to you?

Technology used to only play a small part in our lives, so until relatively recently there were no insurance policies in the Cyber Risk field. It may not be something that you have heard of before or even considered when thinking about taking out your business insurance policies.

Today we are so heavily reliant upon technology that we couldn’t run a business without it. As a business you need to have measures in place to protect sensitive data that you hold, so it makes sense that you have insurance to protect you from the potential risk from cyber criminals trying to access that information. In the same way that Public Liability Insurance is essential if your business comes into contact with members of the public, Cyber Risk Insurance should be a key consideration if your business uses technology- which it most likely does.

You should consider Cyber Risk Cover if the following apply to you:

· You hold customer, supplier or employee information, like names, addresses, bank details or email addresses

· You store sensitive client data (such as their name, address, telephone number or payment details)

· You use a computer to run your business

· You take card payments or make electronic payments

· You have a website

Although cyber risks are relatively new on the scene, they pose a real and serious threat to all types and sizes of business. There is a misconception that it is only larger businesses which are prone to cyberattack. However, in a survey conducted in the UK by Beaming, two thirds of small businesses with 10 – 49 employees have suffered some form of cyberattack in the past year. Smaller organisations make easier targets for hackers due to less robust IT security systems.

If your business is targeted by a hacker or suffers a data breach, it takes time and money to fix. This can disrupt your business, lead to lost revenue, a damaged reputation and regulatory fines.

Cyber liability cover varies widely from policy to policy but can include the following:

· Data issues (loss, theft or corruption)

· Identification and containment of system issues

· Regulatory requirements following data breach

· Defamation issues following outside interference in systems

· Financial losses caused by the failure of your company website, the collapse of your internet provider or the work of computer hackers

· Public relations consultancy to address and contain reputational damage

Cyber insurance can not only help businesses by providing a financial pay-out after things have gone wrong, but also offering expert consultancy to improve security and on-the-ground support during the period of crisis.


Cyber risk is a current and critical issue and we would be happy to talk through the cover that you may need so that you can be sure that you are fully protected. Get in touch with us for a chat on 01392 797733 or email

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