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What Is Cyber Liability Insurance?

Cyber Liability Insurance is an insurance policy that provides the financial cover and services your business would need to deal with a cyber incident.


We believe that prevention is better than cure, so it is important for you to manage your own cyber risks as a business. This includes:

  • Evaluating the risks associated with the IT systems and networks in your business;
  • Assessing the potential events that could cause an incident;
  • Analysing the controls that are currently in place and whether they need further improvement.


Having the appropriate procedures, training or accreditations such as Cyber Essentials or ISO27001 are crucial, but unfortunately these cannot yet offer a 100% guarantee of protection. So, if these fail, a Cyber Liability Insurance policy will reduce the costs of the loss to your business.


What does a Cyber Liability Insurance policy cover?

This cover is still evolving in the marketplace, so there are a number of “off the shelf”, add-on or fully underwritten options out there, but essentially it should provide cover for the following;


  • Financial support & services for dealing with the costs of data breach, which provides Crisis management and other services. Your current IT provider will almost certainly limit their liability in the event of a Cyber loss and therefore access to industry experts appointed by your insurer is essential.
  • Compensation for losses of income to the business
  • The costs to repair, restore or replace damaged websites, programs or electronic data
  • The costs to manage a ransom incident including the payment itself
  • The costs to defend and settle claims made by your customers for losing their data
  • Protection for unintentionally infringing someone’s copyright or if you inadvertently libel someone in an email, etc.
  • Cover for direct financial losses following a hack into your network and the costs of unauthorised telephone calls following a hack into your phone system.


Do I need a Cyber Liability Insurance policy?

If your business holds any personal, employee or customer information, payment card details or intellectual property, then you become a target for cyber criminals and are responsible for accidental losses caused by your own employees.


Please contact us if you would like to discuss Cyber Liability Insurance and your unique exposures.