Cyber insurance for SMEs
A cyber attack or data breach can be extremely costly for you and your business. Aon can arrange a policy that reflects the specific risks faced by your industry and will protect your business from cyber threats.
How Does Cyber Insurance Protect SMEs?
Cover under cyber insurance policies can be split into three key areas that together protect all aspects of your cyber risk:
Cyber Liability
Liability under a cyber insurance policy covers you for damages you’re legally liable to pay to affected parties in the event of a breach of privacy law where their personal data is lost, stolen or incorrectly made available.
Whether someone hacks into your system and deliberately steals data, or you unintentionally expose customer details, you’ll be covered for damages you’re required to pay to the individuals affected.
Breach Response
Cyber insurance policies can also cover the costs associated with dealing with a data protection breach. When a breach occurs, your business will be responsible for investigating its cause, notifying people affected – often within 72 hours - and providing them with ongoing help, such as support helplines and ongoing credit monitoring.
Businesses will also be covered for their own legal costs and any costs incurred in engaging with specialist public relations support and crisis management.
Cyber Crime
Cyber insurance policies give you the option to protect against direct losses due to cyber-crime. Where extortion happens, you are covered for the cost of investigating a threat, as well as the cost of payments to prevent or resolve the threat either to a computer security expert or in ransom payments.
Coverage can also include business interruption covering financial loss if a cyber-attack prevents you from using your computer systems.
Cyber Insurance: Your Questions Answered
How much does cyber insurance cost?
Like all types of insurance, the costs will vary depending on your industry, how much cover you need, and your turnover.
Will it cover the cost of ransomware?
Cyber extortion cover can be arranged as an optional extra and will include payment of money, goods or services made under duress to prevent or terminate an extortion threat.
Will it cover the costs of any regulatory fines?
General Data Protection Regulation (GDPR) fines aren’t insurable under UK law but the cover we can arrange includes emergency breach response which may help reduce the value of the fines you receive by dealing with the breach swiftly and effectively.
Will cyber insurance cover issues that occurred before we took out cover?
Cyber-attacks and data breaches are often discovered some time after they first occur. The cover we can arrange will protect you against attacks and breaches from when they were discovered rather than when they happened.
What does cyber and data insurance cover?
Cyber and data insurance can cover the costs of damages and claims expenses you’re legally liable to pay in the event of a data breach or security failure. It will cover the costs of breach response services such as consultants, call centre services and crisis management expenses.
Can it cover the costs of replacing affected equipment?
Whilst cyber insurance doesn’t typically cover physical damage to equipment, it will cover the cost of restoring or regaining access to software or electronic data in your computer systems in the event of it being altered, corrupted, destroyed or deleted.
Will it cover physical data breaches?
While it might be called cyber insurance, you will be covered for all types of data breach, including the loss of hardcopy client folders or incorrect mailing of documents.
Why do you need to know if our equipment is encrypted?
Similar to household insurance, if you don’t have the basic security measures in place your premiums will be affected as there is a higher likelihood that you will need to make a claim.
Why Choose Aon as Your Insurance Broker?
Dedicated client managers who will be there to assist you from start to finish throughout the customer journey.
Confidence from working with a global broker
Cyber Broker of the Year
Aon was awarded the Cyber Broker of the Year award at Intelligent Insurer’s Cyber Insurance Awards Europe 2024.
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