Cyber Liability

Protecting your business in an increasingly risky online world

In 2015, more than a million web attacks happened every day – and over half a billion personal records were lost or stolen*. With each system hack, virus or security breach triggering potentially disastrous consequences, Cyber Liability Insurance is a must-have for most businesses.

What is Cyber Liability Insurance?

Also known as Internet Liability Insurance or Data Insurance, Cyber Liability Insurance protects your business against the risks involved in using the internet and IT networks. These risks include:

  • security breaches that result in unauthorised access to confidential or sensitive data
  • system damage caused by viruses or malware
  • financial losses caused by the failure of your company website, the collapse of your internet provider or the work of computer hackers
  • system failure that prevents a third party accessing their own systems or data
  • staff misuse of company email
  • claims that content on your website or blog is defamatory

As part of your policy, Cyber Liability Insurance can also provide emergency support that includes IT forensics, credit monitoring and crisis communication.

How it protects you

Cyber Liability Insurance covers the costs incurred as a result of a hacker attack, computer virus or data security breach. Your policy can include three types of liability:

  • First party cyber liability – Covers your costs to retrieve, restore or replace programs and data that have been lost, stolen or damaged as a result of a cyber attack. You’re also covered for online theft and any reduction in profit while your computer systems are unavailable or not operating at full capacity.
  • Third party cyber liability – Covers claims for financial losses as a result of a hacker attack or virus that came from or passed through your system. You’re also covered if a third party can’t access your system, and for the loss or theft of their data.
  • Privacy liability – Covers claims for a breach of individual privacy rights or confidentiality relating to personal information and personally identifiable data, including credit card details and personal healthcare information.

Why you should consider it

  • Continual legislative changes, especially around the use and storage of personal data, make this an increasingly complex and risky area. Cyber Liability Insurance provides specialist protection that’s often missing from general liability policies.
  • You’re particularly at risk if your business uses the internet to trade or holds confidential or sensitive data. But, in fact, any business that sends and receives information by email and downloads documents needs Cyber Liability Insurance.
  • Cyber Liability Insurance can be a business enabler, demonstrating professionalism and providing reassurance to customers and suppliers.
* Symantec™ 2016 Internet Security Threat Report

To discuss your cyber liability insurance options, or to obtain a quote, call us now on 0118 916 5480 or email us.

“Macbeth really got to understand our firm, and our industry, meaning that they fully understood the risks that we face as a business. Our broker highlighted that as we hold high volumes of sensitive data, including payment card information, and with new legislation imposing potentially heavy fines we should look at some form of protection. We now have a Cyber/Privacy policy in place which was clearly outlined to us. Since the inception of this policy Macbeth now handle all our business and personal policies and continue to deliver a great service.”

Blue Cube Travel

Get in touch:   Reading: 0118 916 5480   London: 020 7036 8767   info@macbeths.co.uk