Cyber Liability Insurance

Cyber-crime is when a criminal known as a hacker uses electronic equipment such as a computer to perform a crime. This usually consists of hacking, internet fraud, identity theft, phishing scams and more.

Cyber liability insurance will protect businesses from online risks and help cover the financial losses which could result from data breaches where your customer’s personal information is exposed. Cyber policies will support you with data recovery and more to get you back on your feet in the event of a cyber-attack.

If you are a business that relies on technology to store personal customer data then you should look to invest in a cyber-liability policy, which will help reduce exposure and protect you from electronic damages and the costs they may incur.

At Plan, we offer a cyber recovery package. This is an insurance policy which provides SME businesses, with a turnover of less than £5m with a cyber expert to help them survive a cyber-attack and loss of personal information. Our cyber recovery package includes:

Crisis Response

• Emergency line available 24/7, 365 days a year
• Initial incident notification & full assessment
• Advice on immediate actions

Incident Management

• Advice to ensure compliance with data security law
• Investigation & IT advice in respect of 3rd party claims
• Legal advice in respect of 3rd party claims & protection of business reputation
• PR advice in respect of 3rd party claims & protection of business reputation

Investigation and Restoration

• Investigation and IT advice in respect of regulatory investigation
• Legal advice in respect of regulatory investigation
• Assisting with the restoration of email, online and other software systems

Awards, fines and credit Monitoring

• Payment of regulatory costs and damages
• Payment of regulatory fines and penalties
• Payment of credit monitoring costs

The basic entry level cyber insurance package is Cyber 10

Cyber 10 provides and pays for up to 10 hours of expert telephone advice from a cyber-emergency response team to help you recover a data breach. This can include:

• An initial assessment of the risk, giving guidance on immediate actions to be taken
• Expert advice to ensure you comply with data security law
• Guidance on your defence of a liability claim made against you arising exclusively out of the data breach
• Help with contacting customers affected by the data breach, including public relations support
• Assistance on the steps to be taken to restore email system, online services and IT software

A cyber liability policy will protect you and your business against cyber threats including cyber-crime, data breaches and system interruption. Such a policy could cover the costs incurred, including business losses and eventual fines.