Cyber insurance

Who needs cyber insurance?

If your business uses technology, then you need cyber insurance. You’re vulnerable to an attack or a member of staff making a digital error no matter your size or scale. Even if you’re freelance.

Meantime, GDPR and an active regulator make it more essential than ever to be prepared for a data breach.

So, you need the protection of cyber insurance if you:

1. Use computers and email
2. Have a website
3. Store customer or employee information digitally
4. Take or make payments electronically
5. Store data in the cloud or use cloud-based services.

How much cyber insurance do I need?

That depends, to some extent, on how much IT infrastructure you have. More hardware means more to repair or replace. More software means more data to restore.

You need to take into account the way you do business. Can you still trade without a website or access to other systems? Can you survive without email? Do you take payments online? Do you hold particularly sensitive customer data or images? What will be the consequences for both you and your customers if you’re hacked or held to ransom?

And don’t forget the legal costs. Informing regulators and customers you’ve been hacked costs as much as a solicitor charges you – and we all know how cheap they are.

Whatever conclusion you come to, you can guarantee a cyber-attack will cost you money. And because exactly how much money is very difficult to quantify (because every attack is different), you’re well advised to go for as much as you can possibly afford.

There’s good news if 80% of your staff successfully complete their free online Cyber Academy training. Your excess comes down by €2,500 and if it’s no more than that to start with, it disappears completely.

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What does cyber insurance cover?

Cyber insurance covers the time, money and expertise required to stop a cyber-attack, deal with the fallout, and get your business back to normal. It pays for IT forensics, data retrieval, ransom negotiations and security fixes. It also covers human error and financial crime, lost income, and the costs of a data breach.

Specifically, cyber insurance covers:

1. Security failures – when a hacker exploits a weakness in a business’s digital security.
2. Cyber-attacks – any kind of digital attack against a business.
3. Extortion – criminals holding systems or data to ransom.
4. Human error – mistakes leading to a data breach or system outage.
5. Data breaches – where personal or commercial information is accessed illegally. Deals with the costs of regulatory investigations, pays to inform anyone who’s data has been accessed and covers the costs of any resulting lawsuits.
6. Business interruption – loss of income when a cyber event means a business can’t trade as normal.
7. Financial crime and fraud – when someone is tricked digitally into transferring money or goods to a criminal.
8. Property damage – physical damage to equipment from a cyber-attack.
9. Reputational damage – PR and crisis management support.

Why should I buy my insurance from you?

Glad you asked.

The simple answer is: we know what we’re doing. Professional insurance is all we do so we know what you need, even if you don’t.

We also know that buying insurance can be, well, a bit of a pain. So we make sure getting yours is quick and hassle-free.

We do all that while treating you like a human being, too. You won’t find a call centre here. Or a phone menu. And we’ve banned nonsense insurance jargon.

Anything else? Well, there’s the great stuff you get, such as an ‘I’m insured!’ badge for your website – perfect for the professional professional.

Also, we’ll give you money each time you recommend us.

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