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CYBER & CYBER CRIME INSURANCE

Helping businesses identify, manage and mitigate the growing risks of cyber crime in an increasingly connected world.

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Essential business cover

Why cyber INSURANCE Matters.

In today’s digital world, cyber risks are a reality. Whether it’s a ransomware attack, data breach, or system failure, the financial and reputational impact on businesses can be severe.

Cyber Insurance is designed to help your business recover from cyber related incidents. Typically, it provides financial support, expert guidance, and peace of mind precisely when it matters most.

Cyber Insurance acts as a critical safety net, with the potential of covering costs such as data restoration, legal fees, customer notification, and even public relations efforts, depending on your policy. It could also give you access to cybersecurity experts who can guide your response and recovery, minimising downtime and disruption.

wHAT’S THE DIFFERENCE?

CYBER INSURANCE V’S CYBER CRIME INSURANCE

Cyber insurance protects your business against the operational and financial consequences of cyber attacks.

Cyber crime insurance covers the financial losses arising from fraud, deception and the theft of funds through digital channels.

Combined, the coverage provides comprehensive protection against today’s evolving cyber threats.

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POLICY COVERS

tYPICAL CYBER AND CYBER CRIME COVERAGE

The following provides an overview of the typical coverage and features offered by this type of insurance. Please note that the specific cover provided may vary between insurers. All policies are subject to individual terms, conditions, and exclusions. Our expert brokers can help you find the product that best suits your business’ unique needs.

  • Damages and defence costs following a privacy breach or data loss
  • Costs of internal investigations and regulatory enquiries
  • Notification and restoration costs after a data breach
  • IT forensic and third-party expert support
  • Extortion payments in response to credible cyber threats
  • Business interruption cover due to system failure or cyber attack
  • Loss of digital assets, including data and software
  • Theft of funds through cyber-enabled fraud
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Learn more

Cyber and Cyber Crime insurance
Frequently asked questions

To provide a quote, we’ll need basic business details (name, size, turnover), your cyber security setup (e.g. antivirus, backups, MFA), and any history of cyber incidents. It’s helpful to know what kind of data you handle and if you use third-party providers. If available, you can also share recent IT audits or your current cyber policy.*

*Please Note: We may request additional details if required to complete our review.

Costs will depend on several factors including (but not limited to):

  • Your industry sector
  • The size of your business
  • The types of data you hold/handle
  • Your cyber security systems
  • The level of insurance cover you choose

 

 

The optimal amount of cyber cover for your business depends on how much it would cost to get your business back on track after a worst-case-scenario cyber-attack or data breach.
This approach helps to ensure you aren’t left with insufficient funds in the event systems go down for an extended period, or criminals make a big ransom demand. Understanding the
nature of cyber threats may help you to recognise the extent of risk to your business.

No, you won’t be able to rely on insurance to cover your losses if you suffer an attack due to poor security. If you fail to protect your business your insurance is unlikely to respond.
You will need to be able to demonstrate to insurers that you have taken steps to mitigate the risk of a cyber-attack and provide proof that you have the agreed security controls in place. Working with one of our specialist brokers will help you to get a better understanding of each insurer’s requirements.

Your other insurance policies (such as Professional Indemnity, Property and Directors and Officers) may provide some level of insurance protection for cyber incidents, but the cover is likely to be very restrictive and limited.
As cyber-crime has escalated rapidly over the past decade,insurers expressed increasing concern about their possible claims exposure on non-cyber policies. Their concerns arose
from the fact that policies had not been explicit about whether cyber was included or excluded. Insurers had remained silent on cyber and therefore as cyber crime increased so did their
concern that they may be confronted with claims that they hadneither underwritten or that a premium had been charged for.
In response, in 2019, Lloyd’s of London mandated that all policies must be clear on whether cyber cover is provided.
The Lloyd’s of London mandate prompted most insurers to apply exclusions for losses resulting from a cyber event.
However, if a cyber exclusion is not applied insurers must affirm the exact level of cyber cover provided. Our brokers will help you identify whether this is sufficient to cover your cyber
exposure.

CONTACT YOUR NEAREST REGIONAL OFFICE

WE’RE HERE TO HELP,
get in touch.

Our broking teams support businesses and high-net-worth private clients across the UK, operating from a network of regional hubs.

If you need advice or assistance, please contact your nearest regional hub or your usual Client Director. Our regional offices are open from 9:00am to 5:00pm, Monday to Friday.

If you need to make a claim, our inhouse Claims team will support and guide you throughout the process.

TYSERS SOUTH
70 Fenchurch Street, London, EC3M 4BR
+44 (0)20 3037 8000
TysersUKLondon@tysers.com
TYSERS MIDLANDS
3-4 Park Street, Hitchin, Hertfordshire, SG4 9AH
+44 (0)333 011 2288
hitchin@tysers.com
TYSERS MIDLANDS
The Colmore Building,
20 Colmore Circus,
Birmingham, B4 6AT
+44 (0)1462 477872
birmingham@tysers.com
TYSERS NORTH
2nd Floor, 11 York Street, Manchester, M2 2AW
+44 (0)161 419 3000
manchester@tysers.com

MORE INFO

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Download our PRODUCT GUIDE

Download our Cyber Insurance product guide to learn more.