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Cyber Insurance: Cover for Digital Risks

Cyber attacks, data breaches and ransomware can disrupt business operations and create recovery costs. Cyber insurance can help with the financial impact of covered incidents, but does not replace cybersecurity measures. At Financial Services Online, we connect businesses with insurance brokers who can help them explore cyber insurance options.

What Can Cyber Insurance Cover?

With cyber threats becoming more sophisticated, businesses of all sizes are vulnerable to attacks. Cyber insurance can help with costs associated with incidents such as data breaches, system hacks, and cyber extortion, subject to the policy terms, conditions, limits and exclusions. Available cover may include:

• Data Breach Protection: costs related to data theft, legal fees, and customer notifications.
• Cyber Liability: liability arising from data breaches or security failures.
• Ransomware and Cyber Extortion: response and recovery costs following a covered attack. Do not assume ransom payments are covered; check the policy wording and any insurer consent requirements.
• Business Interruption: loss of income if a covered cyber attack disrupts your operations, subject to any waiting period and the policy's limits on the period of loss.

How Much Does Cyber Insurance Cost?

The cost of cyber insurance depends on several factors, including the size of your business, the volume of sensitive data you handle, and your current cybersecurity measures. Premiums are influenced by:

• Business size and industry
• Level of data sensitivity
• Existing cybersecurity protocols
• Claims history

Policy Features and Claims Checks

When comparing cyber insurance policies, consider more than the premium. Read the policy wording and schedule, and ask a broker to explain:

• Cover limits, sub-limits for particular losses, and the excess you would pay towards a claim.
• Whether incident response, forensic investigation and data restoration costs are included, and which service providers you can use.
• How exclusions and security requirements apply, including requirements relating to backups, access controls and software updates.
• Whether incidents affecting cloud services or other technology suppliers are covered, and whether funds transfer fraud requires separate cover.
• When and how to notify an incident, what records to retain, and whether insurer approval is needed before incurring response costs.

Explore Cyber Insurance Options

Request cyber insurance quotes through our broker referral network. A broker can discuss your business risks, explain available cover options and provide quotes for you to consider.

Privacy: Read our privacy statement for information about how personal information is collected, used and disclosed.

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Please note that some of our calculators may use assumptions that are not necessarily applicable to your current specific circumstances and we therefore cannot always guarantee their accuracy. You should always seek professional financial advice from a licensed professional before proceeding with any financial recommendations.

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