About cyber insurance
About cyber insurance
What does cyber insurance do?
It’s also known as cyber liability insurance, or data protection insurance. It’s there to make sure your business is protected against cyber crime – things like fraud, data theft and social engineering, where criminals attempt to fool you into parting with money, information or both. It also covers data breaches where sensitive information is accidentally shared.
When should I get cyber insurance?
Cyber crime is on the rise, more than three out of five firms reported a cyber attack in the last 12 months and it can lead to lost revenue, a damaged reputation and even fines. Anyone who uses computers or the internet at work, holds data about customers, suppliers or employees, carries out online transactions, or just uses social media, should think about security.
How much cyber insurance cover will I need?
The amount of cover you need depends on what it would cost to get back to business after a cyber attack. We’ll work with you to design a policy that’s suited to your needs. The Hiscox CyberClear Academy is a great place to start learning about cyber security threats such as phishing and ransomware attacks. It’s accredited by GCHQ and offers videos and interactive material to help you develop your knowledge of cyber security.
Not sure what you need?
Tell us about your business – we’ll help you to build your cyber insurance quote and explore any other insurance needs.
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Where cyber cover can help
Where cyber cover can help
Recovering from attacks
Insuring against cyber crime and data risks means you’re protected against new and existing threats, but we’ll also help with the practicalities of getting experts to restore systems, recreate data and deal with any demands being made where data is stolen. Our cyber insurance policy for SMEs is the only one to score 100% in The Insurance Times Cyber Product Report 2018.
Loss of data
Losing data or accidentally sharing it can cause real headaches for you and your clients. There are lots of stories about people leaving memory sticks lying around, but there are much simpler ways to lose data that do just as much damage. Cyber insurance helps you cover your costs and get back to business.
Your security commitments
These days we have detailed commitments to keeping client data safe, making sure online transactions are secure and complying with the changing legislation around digital transactions and communications. Things like GDPR legislation are important but complicated and it’s easy to make mistakes or miss things.
A Hiscox cyber claim story
An average workday became a nightmare when a customer discovered his business had fallen victim to a ransomware attack.
What’s included in your cyber cover
Your cyber insurance cover
- Protects you for any GDPR non-compliance claims.
- Gets you back to business as usual, as quickly as possible where reputational damage is caused.
- Compensates for loss of income as a result of a data breach.
- Manages data breaches with forensic investigations, legal advice and notifies customers or regulators.
- Covers you for the costs of repair or replacement if you're hit by a cyber attack that damages your equipment.
Need more details?
Download a summary of what our CyberClear insurance covers and the policy wording here:
- Download cyber and data risks insurance summary of cover (PDF)
- Download cyber and data risks insurance policy wording (PDF)
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Get your quoteCyber security guides, articles & answers
The Complete Guide to Cyber Security
This hub is designed to connect business owners with a range of valuable resources which explore and answer some of the most important queries around cyber security today. The more you know, the stronger your security.
What is Cyber Liability Insurance?
If your business uses, sends or stores electronic data, you may benefit from cyber insurance. Hackers are learning faster than businesses about cyber vulnerabilities, make sure you understand the role of cyber cover.
Do You Bring Your Own Device to Work?
If you do, then make sure you aren't introducing cyber security risks. Head of the Home Office's Research Information & Communications Unit, which delivers Cyber Aware, exposes the cyber security risks and talks mitigation.
Cyber and Data Insurance FAQs
Read our FAQs of popular questions about cyber and data insurance to find answers to questions on policies, quotes, and payments.