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Wednesday, September 18, 2019

What is cyber insurance?

Everything you might want to know about cyber insurance and how it can protect your company.

What is cyber insurance?

Cyber insurance protects your business against the risks of a digital world. Modern businesses rely on the internet and IT in order to operate effectively. When these technologies are disrupted, whether intentionally (by a hacker) or accidentally, the costs to a business can be significant.

Cyber insurance covers the costs and damages that might affect your business should you experience a cyber-related incident or a data breach.

What costs does a cyber insurance policy cover?

Cyber insurance policies can vary hugely in terms of cover and limits. There are some covers that are usually included as standard, whereas others may only be included by certain insurers or only be available at an additional cost.

We built Bewica cyber insurance to cater for the broad needs of SME’s and so our policy covers the following costs:

  • Breach expenses
  • Extortion monies
  • Business interruption costs
  • Dependent business interruption costs
  • Data recovery costs
  • Regulatory action expenses
  • PCI fines
  • Claims against you
  • Customer loss 
  • Cyber theft (social engineering cover optional)

What is a 24/7 breach response?

Some insurance policies come with a hotline that customers can call should they experience a cyber incident. These hotlines are commonly known as breach response and are put in place to help businesses get back up and running as soon as possible following such an incident. 

Often they will also act as claims notification, ensuring that your costs and damages are paid to you swiftly following an incident. 

All Bewica policies come with such a 24/7 hotline and our expert team of incident managers will help your business get back up and running following an incident. They will also, where required, co-ordinate and assign specialists and experts such as PR firms and law firms to assist you in your recovery. 

How much does cyber insurance cost?

Cyber insurance is often assumed to be expensive, but this is very far from the case. Especially for SME’s, cyber insurance can be inexpensive compared to other lines of business insurance and given that 1/10 businesses experience a cyber attack each year, you might need it more than you think!

Bewica cyber insurance has been specifically designed to be affordable for SME’s whilst offering value for money for broad cover.

Douglas Hazell
Marketing manager