Cyber Insurance Proposition
13th March 2019 2 min read
Providing our customers with cover that works in the real world is what we do at Miles Smith. And the real world is now very much online.
The spiralling volume of information stored and transferred electronically has resulted in an increase in the potential exposures facing businesses. Because of this, cyber liability insurance is a necessity as a traditional commercial insurance policy is extremely unlikely to protect against most cyber exposures.
Responding to a cyber breach is all about reacting quickly before too much damage is done, so that’s a key part of our proposition.
The cover we arrange for our customers has a First Response facility built into the policy, which if required can also have the benefit of being completely excess free for 48 hours. With First Response you get:
Access to a helpline 24 hours a day, every day of the year. As soon as you identify a breach, or a suspected breach, call the helpline to receive a swift response.
Advice from a Breach Coach who will help you isolate the affected area, notify your customers, retain necessary forensic professionals and manage crisis communications.
There’s so much to consider. Amongst other perils, the policy that we provide to our customers protects against data breaches as standard and can be extended to cover business and network interruption, intellectual property rights, damage to third-party systems, system failure and cyber extortion.
Increased online consumer spending and recent GDPR legislation has placed more responsibility on companies to protect their clients’ personal information as they can be sued by affected parties following a data breach.
If your business operations require the use of computer systems, a disaster that prevents you from accessing or operating your systems could cause you to lose significant potential revenue.
Your company’s online presence, be that your website, a blog or social media, opens you up to the same exposures faced by publishers. These include libel, copyright or trademark infringement and defamation.
If you inadvertently transmit a virus to a third-party customer or supplier by email, USB or other means, you could be held liable for the damage caused.
A natural disaster, malicious activity or a fire could all cause physical damages that could result in data or code loss and reduced ability to trade.
Hackers can hijack websites, networks and stored data, denying access to you or your customers. They often demand money to restore your systems, as well as cause a temporary loss of revenue.
The Miles Smith team work with you to ensure your business has the appropriate cover to protect you against cyber risks.
To find out more contact your Account Executive or call the Miles Smith team on 020 7977 4800.