Cyber Insurance
SJL Insurance Services are experts in providing Cyber Insurance.
Cyber Insurance (also often referred to as Cyber Liability Insurance or Cyber Risk Insurance) protects your business should you become the victim of a cyber-attack or if digital data is damaged or lost. This can include events such as a breach in security, cyber hacking, phishing attacks or IT system failure.
Cyber Insurance offers first-party and third-party insurance to help protect you and your customers. Although it depends on the specifics of your cover, policies work by supporting the financial and reputational costs incurred by lost, damaged, corrupted or stolen data or electronic systems.
- Peace of mind that your online business exposure is covered.
- Support from experts immediately after a cyber attack to limit any costs.
- Cover for costs, from investigations, to fines, to lost company income.
- Award Winning In-House Claims Team
- Lloyds of London Commercial Broker
- Independent Broker Since 2001
The Covers We Offer
Cyber Insurance can pay the costs of restoring data and equipment, informing clients, meeting ransom demands and loss of your net profit following a cyber-attack. It also pays your legal defence costs and damages you are legally liable to pay to other parties.
SJL Insurance Services policies include benefits such as expert computer services, data protection, extortion cover and even assistance after cyber theft or data breach has occurred.
At SJL Insurance Services, we carry out a risk analysis of your business to source the correct cyber policy that, in addition to third party liability, covers you for action taken against you following a cyber event. It crucially also includes the following:
Pub Li
Public liability: When working on site it is normal that there is a large number of people and high value of equipment and materials in a small vicinity. With this in mind, a small negligent act by an employee can easily lead to mass third-party injury and property damage. This cover will pick up the legal expenses and compensation payments following an event causing both third-party injury and property damage.
Read more about Public Liability Insurance
Public liability: When working on site it is normal that there is a large number of people and high value of equipment and materials in a small vicinity. With this in mind, a small negligent act by an employee can easily lead to mass third-party injury and property damage. This cover will pick up the legal expenses and compensation payments following an event causing both third-party injury and property damage.
Read more about Public Liability Insurance
Public liability: When working on site it is normal that there is a large number of people and high value of equipment and materials in a small vicinity. With this in mind, a small negligent act by an employee can easily lead to mass third-party injury and property damage. This cover will pick up the legal expenses and compensation payments following an event causing both third-party injury and property damage.
Read more about Public Liability Insurance
Public liability: When working on site it is normal that there is a large number of people and high value of equipment and materials in a small vicinity. With this in mind, a small negligent act by an employee can easily lead to mass third-party injury and property damage. This cover will pick up the legal expenses and compensation payments following an event causing both third-party injury and property damage.
Read more about Public Liability Insurance
Professional Indemnity: Professional Indemnity Insurance refers to protection against incorrect or inadequate advice and services that you give. Unfortunately, any business can produce work resulting in both financial and reputational loss for their client and this is sometimes only uncovered long after the contract is completed. In this instance, your company can be held responsible which is when Professional Indemnity Insurance supports your business. At SJL Insurance Services, we provide insurance that can cover expenses, legal fees and pay outs incurred should an allegation be made against you by a client for providing an inadequate service.
Read more about Professional Indemnity Insurance
Cyber Accidental Cover
Cyber Breach response
Cyber Data Loss and Notification Costs
Forensic Investigation
Cyber Extortion
Cyber Crime
Business Interruption
Third Party Suppliers
Discover What We Have To Offer
Meaning that in addition to when businesses are a victim of crime, they are also covered in the event of a cyber accident by themselves or by one of their staff (such as leaving a laptop on a train).
Meaning 24 hour support in the event of a cyber attack, providing advice and technical expertise to reduce losses during that important first 24 hours.
Covering the costs of notifying customers in the event of a cyber breach, as well as potentially covering fine and penalties where applicable
Meaning cover for forensic services to confirm the attack, identify affected areas and halt where possible.
Meaning cover against hackers stealing data or withholding access to data and demanding a ransom to release.
Meaning cover against social engineering, email phishing and fraudulent transfers – essential for all businesses.
Meaning that businesses receive loss of income payments for a period after a cyber event, including coverage in the event of reputational damage.
Meaning that businesses are protected when a cyber event is caused by a third-party supplier.
We can insure any type of business, and our expertise ranges from property and commercial risks, to kidnap and ransom. Literally any type of business, in any sector, anywhere in the world.
Our expert brokers have access to a huge array of insurance products ensuring they can find the best insurance policy for you. They get to know your individual needs and provide the best possible insurance solution for you. You will be provided with an allocated account and claims manager.
Our full list of Policies can be found on our services page.
Do I Really Need Cyber Insurance
Cyber and Data Insurance will protect you not only against cyber-crime and cyber hacks, but also against mistakes that you or your employees make such as leaving a laptop or documents on a train, losing a memory stick which holds client information or accidentally emailing sensitive information to the wrong recipient.
You can protect yourself by knowing about some of the perils that the expert teams at SJL insurance warn of:
- Data not being encrypted or workers using their personal unencrypted laptops.
- Criminals duping people to pay a fake invoice that appears like it really is from someone relevant to the business, by intercepting emails
- Hackers intercepting remote servers
- Not updating your password can increase hacking risk
- Not locking your screen can cause problem, for example, a child might inadvertently click on something that causes a problem
- Not taking the time to double check an email’s source before clicking on an attachment – this is a particularly common mistake made at home as people tend to be in a more relaxed and less cautious frame of mind.
- Due to the Coronavirus pandemic, cyber-crime is even more prevalent at present. This is because:
Internet hackers are aware of people’s increased vulnerability with an increase in phishing scams and use of internet at home.
An increase in the use of third-party video conferencing sites which may be susceptible to compromise.
Why Do I Need Cyber Insurance?
It would be hard to find a business that doesn’t use and rely on technology and subsequently deal with data on a daily basis. Despite technology making business easier to do than ever before, it also exposes companies to growing digital threats that can have massive financial implications. Insurance offers financial support, should the worst happen, for businesses of all sizes, from sole traders right up to Public Limited Liabilities (PLC’s).
A YouGov survey completed in 2019, commissioned by SJL Insurance Services, showed that more than one in five (22%*) of UK businesses had fallen victim to cyber-crime that cost them financially. Over half of these businesses had experienced a cyber-crime attack more than once.
The cost to the business for the 59% of those who knew how much the most recent cyber-attack financially impacted them, ranged between £1,000 and £250,000.
53% of businesses who fell victim to cyber-crime didn’t have insurance to cover them at the time of the attack.
SJL Insurance Services is working to raise awareness of this growing threat and educate businesses of the damage cyber attacks can do.
SJL Insurance Services’s CEO, Simon Lancaster, says “the survey found some really alarming trends, both in terms of how many businesses suffered a cyber loss and also how many have inadequate insurance protection against cyber losses. We are keen to educate companies about how they can protect themselves against this digital threat, in the same way they do against traditional loses such as fire and theft.”
You can listen to Simon discuss the importance of Cyber Insurance in more detail in this radio interview and read more about it in Computer Weekly.
Is Cyber Insurance Right For My Business
Cover provides protection against the growing threats in the digital age and offers you the reassurance you need, knowing that you have support should the worst happen.
From sole traders to large global businesses, if you hold confidential client data about your clients on computers and other internet connected devices, it is important to consider Cyber Insurance.
Although other forms of business insurance can include some elements of cyber risk cover, such as Professional Indemnity Insurance, it is still highly recommended that businesses consider purchasing separate Cyber Insurance to cover the specific threats their company may be exposed to. Add-ons to other business insurances often don’t cover the company robustly enough should a cyber-attack happen.
This is particularly important if you:
- Rely heavily on IT systems or software to run your business
- Have a website
- Use a smart phone for your business (which nearly everyone does)
- Hold sensitive customer details such as names, addresses and financial information
- Process payment card information
Cyber Insurance FAQs
Cyber insurance cover starts from just £75 upwards per year with an A rated insurer.
SJL Insurance Services work at the forefront of the insurance industry, recognising new and ongoing threats to businesses. As a global insurance broker, we work for businesses by sourcing the best and most effective policies for them.
As insurance experts, we are on a mission to help the British public and international businesses located all over the world to improve their chance of getting a successful insurance claim by advising them how to protect themselves and what to do.
At SJL Insurance Services, we carry out a risk analysis of a business to understand the needs of that company and locate the appropriate cyber policy for it.
Contact us today to speak with one of our specialist team members.
Because every business is unique, SJL Insurance Services provides unique insurance solutions, so you aren’t paying for anything you don’t need. The price of cyber insurance starts from as little as £75 a year with an A Rated insurer.
SJL Insurance Services is a market leading insurance broker providing the highest quality Cyber Insurance at the best possible premium to cover companies globally. Please contact our experts today for a bespoke, no obligations quote.
Each insurance policy is tailored for the individual business, and cover for ransom (also called Cyber Extortion) is an element of cover all businesses should have. Covering not only ransom for stolen data but also restriction of access to data and websites is essential.
Whilst not a legal requirement, with the significant and consistent increase in cyber crime year on year this is now an essential cover for every business with any online presence or cloud based system.
Professional Indemnity insurance provides protection against finacial losses for clients based on your advice or service (for more advice visit our Professional Indemnity services page), and whilst some policies can provide an element of cover for cyber related losses a stand alone policy is a much better option.
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