cyber and crime liability insurance
Our Cyber and Crime liability insurance product is designed to insure your SME clients where they have been the victim of a breach or attack on their computer network or infrastructure or suffer a financial loss as a result of a network compromise, including extortion demands, or where they have been the victim of a covered Crime or fraudulent act by a bad actor. The product is available as an extension to our professional indemnity product as well as a standalone policy.
product overview
- Statement of fact based product no need for proposal form
- Companies with up to £20,000,000 turnover
- Companies holding up to 20,000 personal data records
- Limit of indemnity up to £1,000,000 in the aggregate for cyber
- Limit of indemnity up to £100,000 in the aggregate for crime extension
- Defence costs included in the limit
- Interest free Direct Debit premium payment facility
- Minimum excess £1,000
- Business interruption excess 8 hours
- Eligible industries (see useful documents section below)
- Commission 25%
- 24/7/365 cyber incident response service
- Excluding USA/Canada
coverage highlights
cyber liability 3rd party coverage
- Multimedia internet liability
- Security and privacy liability
- Failure to protect personal data
- Violation of law governing the use of personal data
- Violation of a data breach reporting requirement
- Negligent failure to prevent a network compromise resulting in
- Unauthorised access to your computer system
- Malicious damage or theft of data
- Denial of service attack
- Transmission of malware
cyber liability 1st party coverage
- Privacy notification and crisis management costs including
- Legal fees to comply with legislation
- Cost to notify individuals either voluntarily or as a legal requirement
- Computer forensic costs to identify the extent of a breach
- Call centre management costs
- Third party identity protection costs
- Crisis management costs
Following a data breach
- Emergency response costs
- Extortion demands following an actual breach or credible threat
- Regulatory investigation costs
- Business interruption and increased cost of working including
- Loss of profit
- Additional costs incurred
Following a network compromise
- Restoration costs following the loss of electronic data
- Network compromise/denial of access caused by:
- Malware
- Viruses
- Worms
- Trojan horses
- Spyware
- Zero-day attacks
- Hacker attacks
- Denial of Service attacks
cyber crime available by endorsement
- Social Engineering Financial Fraud
- Loss of money or securities resulting from its transfer by the insured following instructions from someone fraudulently claiming to be an authorised person
- Funds Transfer Fraud
- Loss of money or securities resulting from its transfer to the insured following instructions from someone fraudulently claiming to be the insured
- Invoice Manipulation fraud
- Financial loss resulting from the manipulation of the insured’s invoice causing payment to go astray