Cyber Insurance

Offering cover that gives you <ctrl> over cyberattacks

About us
With the launch of GDPR in May 2018, and following various highly publicised cyber attacks on major companies and institutions, we felt it would be helpful to know that there is an insurance broker who takes this risk seriously and is prepared to act swiftly to provide you with helpful advice and answer your questions. MRSL are a long established, independent insurance broker, who have access to the whole UK insurance market, including Lloyds. We are therefore able to combine our personal expertise with the right insurance company, to be able to offer cyber cover that fits the way you work.

Do I need the cover?
As a business of any size, it is likely you will rely on information technology (IT) infrastructure to some degree. If so, you will be exposed to the risks of business interruption, income loss, damage management and repair, and possibly reputational damage if IT equipment or systems fail or are interrupted.

A UK Government survey estimated that in 2014 81% of large corporations and 60% of small businesses suffered a cyber breach. The average cost of a cyber-security breach is £600k-£1.15m for large businesses and £65k-115k for SMEs.

What does it cover?
Cyber insurance covers the losses relating to damage to, or loss of information from, IT systems and networks.

Policies generally include significant assistance with and management of the incident itself, which can be essential when faced with reputational damage or regulatory
enforcement.

Generally cyber risks fall into first party and third party risks. Insurance products exist to cover either or both of these types of risk.

First-party insurance covers your business’s own assets.

  • Loss or damage to digital assets
  • Business interruption from network downtime
  • Cyber exhortation
  • Customer notification expenses when there is a legal or regulatory requirement to notify them
  • Reputational damage
  • Theft of money or digital assets

Third-party insurance covers the assets of others, typically your customers. This may include:

  • Security and privacy breaches
  • Multi-media liability
  • Loss of third party data

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