Cyber Liability Insurance

Sagar Insurances provide insurance which covers a wide range of potential breaches and security issues. Our experts understand that a cyber attack can be a stressful experience for your business, so having the correct cyber cover is crucial.

For most organisations their data is critical to the operation of their business and for that reason Sagar Insurances see Cyber Liability Insurance as important to maintaining your business as your other commercial insurances.

Even if your organisation has taken all the relevant steps to protect your data an attack on your systems is almost inevitable.

Our experts understand that a cyber-attack is a stressful experience, so having the correct cover and expertise on hand to assist you in a crisis is crucial.

Cyber Liability Insurance from Sagar Insurances can protect you from the costly consequences of a data breach whilst helping you meet your obligations under GDPR.

Cyber liability: What you need to know

 

Last year 46% of UK businesses identified as having been the victim of a cyber security breach

The average time lapse between getting breached and realising is 256 days

In 2017 one insurer received as many Cyber Liability claims as in the previous 4 years combined

Cyber Liability: What Does it Cover?

Crisis Support

First Party Costs

Third Party Liabilities

 

Summary

Policies from Sagar Insurances protect companies against both financial loss and the third party costs attributed to a data breach. Losses are predominantly caused by viruses, hacks, DDoS(Distributed Denial of Service) attacks, extortion, phishing, but most commonly, human error.

 

Why does your business need cyber cover now?

If your fire insurance to protect your buildings, or theft insurance to protect your equipment and contents are considered essential to the operation of your business, then why wouldn’t you need Cyber Insurance to protect your business critical data?

All businesses insure their property and their assets but many do not cover their data. Data is incredibly important and you are often responsible for its safety.

Even the latest security systems can be subjected to attacks and be negatively impacted due to human error mistakes. Your system is critical to the day to day running of your operations, the longer it is down, the worse the situation for your business.

Cyber liability insurance can protect a range of costs including:

 

 

    • Rectification Costs (1st Party)

Notification Costs

Credit Monitoring

Loss of Income

Regulatory Fines as a result of a breach of the Data Protection Act 1998.
If you would like to find out more about which cyber policy is right for your business, Sagar Insurances have compiled a cyber risk calculator to reveal how vulnerable your business may be to cyber attacks. Find out your cyber risk score.

Technology companies can be at high risk of Cyber attacks read more about our insurance for technology companies.

Call now and let Sagar Insurances help your business to find the right protection and cover. Contact us online or call our specialists direct on 01282 858 279. You can also talk to an adviser via our live chat service, simply click the “Chat Now” button at the bottom right of this page.