Spotlight on Cyber - Excel Business Combined

We highlight a feature on our Excel Business Combined policy.

Spotlight on Cyber cover for businesses

Technological advancement is increasing at a phenomenal rate, with businesses looking to make the most of these developments to improve efficiency, service and profitability. Alongside the vast benefits of technology and digital evolution comes the associated risk: businesses are relying more and more on their technologies to fulfil a number of key roles, from the storage and analysis of data to handling extensive financial transactions.
Cyber threats are increasing as cyber criminals are enhancing the sophistication of their techniques every day, looking to exploit any weaknesses for their own gain. The recent surge of smaller organisations being targeted illustrates that no businesses are safe from attack. We've previously shared some guidance on mitigating the risk of a Cyber-attack (read it here) – and purchasing Cyber Insurance is a really good way of complementing good risk management in this space.
If an attack does happen it can have major consequences to your client’s business, employees and customers. The impact on your client's reputation along with legal fees and compensation claims can be severely detrimental to their business, not least in light of the implications of GDPR.

At Covéa Insurance we can provide Cyber Insurance as part of our Excel Business Combined product, offering protection against those threats our customers feel most exposed to. Our Cyber Liability section provides cover for Third Party Liability, data-breach expenses, First Party damage cover and consequential loss of income and Cybercrime. A few features of what the policy protects against and provides are:

 

3rd Party Liability (Cyber)

  • Failure to secure and/or prevent access to Data
  • Unintentional transmission of a virus or malware
  • Failure to prevent your computer from being used in a hacking operation or Denial of Service attack
  • Loss of reputation for the 3rd Party or their product as a result of your e-mails, website, marketing or promotion or data processed or distributed by your computer

Data Breach Expenses

  • Cost of expert support
  • Cost of informing Third Parties, ICO and other relevant bodies
  • Cost of credit monitoring, identity theft assistance and assistance to 3rd Parties if these have been compromised
  • Cost of a helpline to respond to enquiries from 3rd parties
  • PR and Crisis Management expenses to minimise reputational damage

Computer System damage

  • Cost of investigating, rectifying, restoring, and reconfiguring your system
  • Cost of restoring and recreating data
  • Extra costs to prevent or reduce disruption to your computer system
  • Loss of Business Income

Cybercrime

  • Money being taken from your account
  • Goods, services, property or financial benefit being transferred
  • Fraudulent credit arrangements being made
  • Costs of proving that transactions are fraudulent
  • Costs incurred as a result of hacking your telephone system
  • Costs of having an extortion threat verified as credible
 
Let's take a look at a potential case study...  
 

A clients' systems are acting erratically, data isn't saving, programmes are unavailable and customer data is missing. The client needs to carry out an investigation, typically provided by a specialist, to determine whether a “Cyber event” has taken place. The investigation finds that the company's IT support manager, who recently left the company, deliberately altered the system. The costs of specialist investigation, reconfiguring the system and restoring and recreating the missing data could total as much as £12,800.

 

The importance of having Cyber cover is growing ever stronger, and we believe the cover that can be included in the Excel Business Combined policy provides a solution for your clients. Get in touch with your commercial underwriter to discuss your client's needs here.

 

 

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