Frequently Asked Questions

Why would I consider buying data insurance?

Data breaches are costly.
Cyber incidents now happen very often to all businesses and only will increase. The coverage we provide works to maximise your data protection and business security.

Fact
Almost 9 in 10 SMEs say their cyber insurance covered the cybersecurity incidents they suffered in 2018.

What businesses should buy data insurance?

In truth, no organisation is immune from the potentially devastating financial impacts of a cyber loss. Any business that relies upon technology to aquire or engage with customers, processes or stores customer data could seriously suffer as a result of data loss or theft.

Cyber insurance helps protect your business and customers digital data.

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What is the EU GDPR?

From 25th May 2018 the EU General Data Protection Regulations came into force, dramatically changing the compliance requirements on all businesses in the UK. In Summary, the new rules:

• Introduce a mandatory notification period following a data breach of 72 hours.
• Greatly increase the potential penalties for non-compliance to 4 of global turnover of EUR 20 million, whichever is greater.
• Clearly defines the rights of individuals over the personal data held on them by all organizations.

What is PII?

PII stands for Personal Identifiable Information and refers to a type of data that identifies the unique identity of an individual. It provides the most basic forms of personal information and can include an individual’s name, gender, address, telephone, email address. The amount PII records stored on an organizations IT network can impact upon the premium calculation, with the higher the number of records the greater the risk due to regulatory requirements such as mandatory notification in the event of a cyber breach.

Cover

What are the likely claims or cyber exposures to my business?

• Systems shut down.
• Loss of business data via hardware. ie server, laptop or device.
• Cyber attack or network breach
• Malicious misuse of your business data

What am i covered for with a cyber insurance policy?

• GDPR costs incurred to the business
• Breach notifications
• Breach mitigation
• Data restoration
• Business income
• Extra expenses protection
• Theft of monies or securities digitally
• Third-party coverage for a privacy breach or data event
• Coverage for regulatory fines
• Legal and defense expenses
• Coverage for PCI DSS fines

What else could I be exposed to from a data breach?

• Legal cost exposures to the business.
• True impact for the business is the cost in notifying, complying and defending any data breach within the new GDP regulations.
• Notifying subjects is expensive.
• Management of any data liability
• System failures and the impact to any business
• Online shut down costs to your business.
• Hacking or stealing of your client data the cost and impact to the business.
• Complete shut down of your systems the cost and implications to your financial cost and commitments.
• A breach to an associated supplier.

Why should I buy a cyber policy for my business?

We have customers of all business types.

All business sizes. (local hairdressers, builders, estate agents, hotels or accountants) all have data that could be compromised and very costly to any business.

Data is extremely valuable in different ways to everyone. The data you are responsible for is essential to doing business but this can also give you a significant data liabilities.

Are there any industries that can’t obtain cyber insurance?

We look at every business on its own merits and pride ourselves on our detailed understanding of the unique Cyber risk exposures facing different types of companies. Our knowledge and experience of the market enables us to offer terms for business that would traditionally be automatically excluded by the general insurance market.

What is Cyber Business Interruption and when would this cover begin to apply?

Cyber Business Interruption cover means that in the event of a cyber-attack or, for example a ransomware attack that forces you to cease or restrict normal business operations, any income lost as a result of such an interruption would be reimbursed through your policy. This would occur after 12 hours of network downtime.

Policy

Is my business covered for Cyber losses under our traditional insurance policies?

Traditional insurance policies such as general liability, property and professional indemnity policies will usually explicitly exclude damage to digital assets or losses arising as a result of a Cyber-attack. Even for those that remain silent on the subject of cyber and insured may face a hard legal battle to be indemnified without a standalone cyber policy.

Who is the insurance underwritten by?

Our insurance products are provided by Hiscox®.

Can I make changes to my policy?

Yes you can make changes at any point. You can ajust the details of your business or cover in your policy area of your account.

What fees do you charge?

We do not charge a fee to you as a customer. Cyber Covered has a partnership providing the very best data insurance and we receive a fixed fee from Hiscox underwriting limited.

Can I cancel my policy?

Yes and we make this very easy to do online. You can leave any time. A pro rata return premium refund (less a £50 cancellation fee) will be issued within 30 working days of the effective cancellation date.

Claims

How do I make a claim?

It's very simple, you either log your claim online through your account or speak to our claims team directly.

Our response specialists start working to get your business on track quickly as possible.

Your claims status & updates are accessible in through the online claim tracker.