Cybercrime is a global threat, and the damages are predicted to cost approximately £4.5 trillion annually by 2021*. Cybercrime can affect any business, from small independent organisations to large corporations, and modern-day criminals are continuously developing methods and products which can disrupt systems for gain, disruption or revenge, in an increasingly sophisticated way.
What is cyber insurance?
Cyber insurance is used to protect businesses from risks relating to information technology infrastructure and activities. Modern businesses can’t escape the vulnerability of cyber risks, along with the financial impact of system interruptions, privacy and cybercrime events that are now felt within all industries.
Cyber-Liability is a maturing insurance coverage which provides indemnity in the event of the insured suffering a security breach. Risks of this nature include malware, spam, exploit kits, physical manipulation, ransomware, denial of service, web-based attacks, intruder threat, IoT vulnerabilities, IoT for DDOS attacks, phishing, email/social engineering/spear phishing and botnets.
Cybercrime is the largest threat facing businesses today, so a robust insurance policy is an essential purchase for any business.
What does cyber insurance offer your business?
Our cyber insurance is used to protect businesses from risks relating to information technology infrastructure and activities. Coverage includes the following elements.
- Indemnity for legal and regulatory costs
- IT security and forensic costs
- Crisis communication costs
- Privacy breach management costs
- Post-breach mediation costs
In terms of cybercrime, cover can be provided for:
- Fund transfer fraud
- Theft of funds held in escrow
- Theft of personal funds (in the case of senior executives)
- Corporate identity theft (cover is also provided for identity theft in the case of senior executives)
- Telephone hacking
*Source: Cyber Security Ventures, 2017 Official Annual Cybercrime Report, sponsored by Herjavec Group
The G&M International approach – here to help!
While insurance can provide financial reimbursement in line with the policy limits and conditions, we offer products which go considerably further. A 24 hour, 365-day helpline (also known as Breach Response) is provided which gives access to forensic accountants and lawyers, data recovery experts, PR companies and a whole host of professionals who can help in the mitigation of losses and the recovery of systems.
Cyber insurance is a key part of managing a business’s cyber risk, and at G&M International we work with our clients to provide a solution which covers our client’s individual insurance needs. For further information about our Cyber insurance give us a call on +44 (0) 207 977 1490 or take a look at our Cyber Insurance Brochure.