Computer systems in some shape or form are essential for revenue generation in every business
Whether your systems are customer facing or back office (or both) they are vital to operations. Cyber Crime Insurance protects your company from technological threats that can disrupt business, causing reputational damage, operational downtime, financial loss, and legal action.
There is also an increasing burden of regulations with notification requirements after an incident, and more scrutiny and legal requirements as to how incidents are handled. Cyber insurance demonstrates to your clients, auditors, regulators, compliance teams, and other stakeholders that you have cover in place to address cyber risk.
Cyber Crime is one of the most volatile risks facing today’s businesses
We usually recommend AIG’s extensive state of the art Cyber Insurance cover, CyberEdge Cyber Liability, one of the leading cyber insurance policies available today.
Do I Need It?
Cyber Risk insurance is necessary if you:
Have a website
Have an online bank account
Hold personal data (names, addresses, emails, telephone numbers and bank/credit card details)
Rely on technology to operate the business
Store business-critical data electronically
Have a payment card industry or bank merchant services agreement
CyberEdge provides extensive cover, and dependant on the policy selected can include:
Event management costs to control the incident (with no time limit)
A range of expert cyber services (from Legal, IT and PR services to Credit and ID Monitoring, Data Restoration and Breach Notification costs) until the incident is resolved
Coverage for your computer systems and industrial control systems running production systems or driving operational technology
A full range of cyber extortion services to identify, validate, and resolve an extortion event
Use of Cryptocurrency to pay an agreed ransom
Replacement of obsolete and unavailable system components with upgraded replacements
Network Interruption losses arising from the actual moment the cyber event occurs
Specialist costs of calculating the loss can also be covered
Network shutdown, should this be necessary
From individual life policies to specialist business cover, we have products to suit your every need.
Libra Insurance Brokers are independent brokers, based in London, UK. Professionally trained to recommend the most suitable products for both Corporate and Individual clients. Authorised and regulated by the Financial Conduct Authority, Libra Financial Management (UK) Ltd, trading as Libra Insurance Brokers, is entered on the Financial Services Register https://register.fca.org.uk/ under FCA firm reference 513236.