Peace of mind – should you need it

Security is high on the boardroom agenda of any business. Technical and physical safeguards should be in place and insurance coverage is an added layer of protection which enables the business to call upon the insurer in their moment of need.

Often a general liability insurance policy or professional liability policy will contain very basic cyber liability coverage. However, businesses that store personally identifiable information (PII) for employees or customers should have stand-alone or enhanced cyber liability insurance. PII includes any data that can be used to identify a particular individual, such as name, data of birth, email address, social security number, credit card number, or bank account number.

Specialist cyber insurance (also referred to as cyber risk or cyber liability insurance) is a form of cover designed to protect your business from threats in the digital age, such as data breaches or malicious cyber hacks on work computer systems.

A business is responsible for its own cyber security, but in the event of a cyber attack having the right insurance will mean you aren’t alone. Cyber liability cover will provide crucial support to help your business stay afloat.

What does a policy typically cover?

For the business involved – the first-party — cover includes the cost of investigating a cybercrime, recovering data lost in a security breach and the restoration of computer systems, loss of income incurred by a business shutdown, reputation management, extortion payments demanded by hackers, and notification costs, in the case you are required to notify third parties affected.

Third-party coverages (that result from claims against you) include damages and settlements, and the cost of legally defending yourself against claims of a GDPR breach.

Pricing

The cost of cyber insurance depends upon several factors, including the business’ annual revenue, the industry it functions within, the type of data held, and the level of network security. Certain sectors are more vulnerable to cybercrime and will therefore require a higher level of coverage.

For example, companies that hold a large number of personal records, such as in finance and healthcare, are at greater risk than a sector like catering.

When you purchase a cyber liability policy, you agree to maintain appropriate security measures in order to prevent a cyber incident from happening in the first place. If you fail to maintain these security measures, then coverage might be denied

Blue Saffron have been able to take our IT support up to a different level in terms of response times and stability of service. This was achieved within the first two to three weeks of our engagement.

Brad Gambetta | Dame Kelly Holmes Trust

How can Blue Saffron help

We work with a range of industry leading cyber security insurers.

If you want to discuss cyber security insurance further or understand how we can improve your IT security, please contact us today or talk to one of our team on 0844 560 0202.

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Managed IT Security with Blue Saffron

Blue Saffron’s IT Security Services provide comprehensive peace of mind for your business

Managed Security Services

A fully managed IT security service to protect your hardware and software integrated with backup and recovery services in the event of a breach.

Cyber Essentials

The advice and guidance needed to achieve the government’s Cyber Essentials and Cyber Essentials Plus accreditations.

Security Testing & Audits

Assesses the security status and risks facing your business, reviews how well you comply with regulations and advises you on what changes to infrastructure and services are required.

Cyber Training & Awareness

Empower your employees to detect and protect themselves and your business against cyber threats.

Cyber Insurance

Keep your business on stable financial footing should a significant security event occur.

Security Strategy & Consultancy

A full IT security service will help protect your hardware and software integrated with backup and recovery services in the event of a breach.

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