Cyber insurance

Kingfisher Cyber Liability Insurance

Protect your business against online risks and the threat of cybersecurity breaches.

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What is cyber insurance?

Almost all modern businesses trade online and often face their most significant risks in this evolving digital world – threats that could cripple them financially and ruin their reputation.

Cyber insurance protects firms with a digital and online presence from potential risks and internet-based threats relating to the IT infrastructure. These threats can range from data breaches to cybercrime.

Everyday activities, such as data storage, sending emails, or posting on social media, can expose you to a cyber attack. Cyber crime worldwide is continuously evolving at an increased rate year on year, with tens of millions of threats detected daily.

Businesses of all shapes and sizes across the globe must consider their exposures and protect themselves against cybercrime. A comprehensive Cyber Insurance policy can help you to do this.

What does cyber insurance cover?

There are three main types of cyber liability insurance cover:

First Party Cover – The first party sections cover the business’s own financial loss. This is defined as any actual or suspected unauthorised system access, electronic attack or privacy breach.

Third Party Cover – The third party sections cover for liability against the business arising out of a cyber event.

Cybercrime – Theft of funds as opposed to data by extortion, electronic compromise and social engineering.

Cyber insurance policies provided by Kingfisher provide cover for all of these potential threats. If you want to learn more about the individual threats covered, please browse through our FAQs below.

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Why choose Kingfisher?

Cyber insurance specialists

Access to different insurance providers to provide suitable cover for your business

Exceptional Service

From a friendly, UK based team

Specialist commercial insurance providers

Cyber insurance that works alongside your commercial insurance and liability policies

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Frequently Asked Questions

Why do I need cyber insurance?

Protect your customers and their data
Protect your Intellectual Property Rights
Protection for your Employees working remotely
Protect the reputation of your business
Prevent fraud
Prevent theft of funds
Protect against emerging threats

What first party losses are covered with cyber insurance?

Incident Response – general costs of responding to a cyber incident. For example, security and forensic support, legal advice for a data security breach and costs involved with notifying the regulators and any individual(s) who have had their data stolen.
Cyber Extortion – an attempt made by fraudsters to extort money from your business. This may be by threatening to destroy or release data. The policy will cover the cost of the ransom demand and provide support with negotiations.
System Damage – repair and restoration of damaged systems such as data and applications.
System Business Interruption – for loss of profits and any increased costs of working as a result of a cyber incident causing the business to be inoperable.

What third party losses are covered by cyber insurance?

Typical coverage for Third Party losses:
Network Security and Privacy Liability – third party claims from your clients arising out of a cyber event, to cover legal defence costs and any subsequent damages. Examples of this could be transmitting harmful malware to a third party’s system or failing to prevent an individual’s data from being breached.
Media Liability – third party claims arising out of defamation or infringement of intellectual property rights. An example of an infringement of intellectual property rights could be where a trademark or patent has been violated, exploited or copied.

What cybercrime losses are covered by cyber insurance?

Typical coverage for Cybercrime losses:
Theft of funds – including funds held in escrow (assets of a third-party held in a bank account held by the insured) and theft of personal funds (directors & officers loss of personal funds due to compromised network security via a third-party. ) The policy will cover the loss of funds.
Extortion – an attempt made by fraudsters to extort money from your business. This may be by threatening to destroy or release data.
Push payment fraud – fraudulently impersonating a member of staff, customer or supplier to manipulate the transfer of money. For example, the interception and manipulation of a supplier invoice meaning the payment is unknowingly sent to the fraudsters account. Again the policy provides cover for the loss of funds.

How can I protect my business against cybercrime?

Larger businesses often employ in-house professionals to manage cybersecurity threats, but SMEs are just as vulnerable to cybercrime. It is not just a case of implementing strong firewalls, VPNs, antivirus and antimalware software, ensuring software is up-to-date and service providers have relevant protection in place; with increasingly sophisticated extortion attempts and realistic messaging and video content produced by AI, employee education is the first step in protecting your business.

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