Cyber and data risks insurance, also known as cyber liability insurance, is designed to support and protect your business if it experiences a data breach or malicious cyber hack that affects its computer systems.
Cyber risk insurance policies provide comprehensive cover, simplicity, reputation protection and a trusted partner in the event of a claim.
As small businesses become more reliant on technology and hold more data, they are increasingly becoming the target of cyber criminals. In fact, 1 in 3 UK small businesses have fallen victim to cyber crime. When it comes to cyber security, cyber insurance is a key way to ensure your back is covered should the worst happen.
If your business is targeted by a hacker or suffers a data breach, it takes time and money to fix. This can disrupt your business, lead to lost revenue, a damaged reputation and regulatory fines.
You may need cyber risk cover if:
CyberClear is our newly enhanced cyber and data insurance, covering your business for both current and future cyber risks. It provides you the security of knowing that any costs linked to an incident would be covered. You would also have immediate access to our team of experts to get your business back up and running fast.
CyberClear has also recently been rated the most comprehensive cyber insurance policy for SME's; the first and only policy to receive a 100% score in The Insurance Times Cyber Product Report 2018.
Need more help? Speak to our UK-based experts. Call us on 0800 2800 351
Mon - Fri, 8am - 7pm, Sat, 9am to 2pm, excluding bank holidays. Calls are free from a landline and some mobile contracts
We provide Cyber liability insurance which has been designed with small businesses in mind and protects you against the financial and reputational costs of a cyber incident. We cover you for:
Current and future cyber risks: CyberClear was recently rated the most comprehensive cyber insurance for SME's^. It protects your business against common cyber threats, such as ransomware, and also against new techniques that criminals could use in the future.
GDPR investigations: We will pay to defend and settle claims made against you for failing to keep customers’ personal data secure, or for allegations of non-compliance with GDPR. We will also pay the costs associated with regulatory investigations and settle civil penalties levied by regulators where allowed.
Free staff training: 66% of incidents arise from human error. Our CyberClear Academy can provide you with GCHQ certified training in order to make you less likely to be the victim of an attack.
Business interruption: Covers the cost of getting your business back to normal and compensation for loss of income, including where it is caused by damage to your reputation. You’ll also get Key Person Cover; an extra pair of hands to help your business with any increased workload.
Reputation protection: In the event of a data breach, prompt, confident communication is vital to keeping a company's reputation in-tact. We provide PR and crisis management with a leading public relations firm; from developing communication strategies to running a 24/7 crisis press office.
Extortion: If a hacker holds your systems or data to ransom, or threatens to publish information, we cover the ransom you have paid and the services of a leading risk consultancy firm, to help manage the situation.
Data breaches: Where personal data (electronic or otherwise) is accessed without permission, we offer practical support like forensic investigations, legal advice, notifying customers or regulators. We can also help with credit monitoring for your affected customers.
Human errors: When mistakes made by staff or suppliers result in a data breach.
System damage: We will reimburse you for the costs of repair, restoration or replacement if your computer network, systems, website or electronic data are damaged by a hacker, virus or cyber attack.
Personal cover for Directors: Statutory directors receive the same cover we provide your business on a personal level.
Financial crime and fraud: When cyber criminals use the internet to steal funds, impersonate your business or deceive employees into transferring money or goods.
Property damage: Where an incident has caused physical damage to equipment or property, we cover the costs to repair or replace these.
Dependent business interruption: Where there is a loss of revenue or increased costs incurred when a supplier's systems are taken offline by a cyber incident.
‘Property damage’ and ‘Dependent business interruption’ covers are not available to buy online. If you would like more information, please call our UK-based insurance experts on 01904 293403. Mon - Fri, 8am - 7pm, Sat, 9am to 2pm, excluding bank holidays. Calls are free from a landline and some mobile contracts
If the worst should happen, you will have reassurance, support and advice from the UK’s market leading cyber insurance provider, so you can focus on running your business. Hiscox cover includes:
Access to the best experts in the business: In the event of a claim, you’ll have immediate, free access 24/7 to our team of IT, legal and PR experts, who will offer support and guidance and get you back up and running fast.
Breadth of cover: As well as covering the financial cost and business impact of an incident, we provide extras like world-wide cover as standard, Key Person cover and no excess cost if you notify us within 72 hours of an incident.
Award-winning claims service: Take a look at our award-winning claims service
Free cyber training for you and your team: We know that two thirds of cyber claims occur as a result of human error**. That’s why we provide our cyber and data policy holders with free cyber security training, to reduce the likelihood of an incident and reduce your excess.
We know what we’re doing: Hiscox have been providing cyber and data insurance for 20 years, so we understand the changing risks that your businesses faces and have evolved our products to protect them.
Hiscox can offer you more information about our cyber risk covers online or over the phone with our UK based insurance experts. You'll also be able to get a better understanding of your business needs through our cyber insurance FAQs. You'll find policy information, practical guides and the latest industry research.
Alternatively, you can find out more about cyber threats and how to keep your business secure in our cyber security blog hub.
Need more help? Speak to our UK-based experts. Call us on 0800 2800 351
Mon - Fri, 8am - 7pm, Sat, 9am to 2pm, excluding bank holidays. Calls are free from a landline and some mobile contracts
Winner 8 years running
Download a summary of what our CyberClear insurance covers and the policy wording here:
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Get in touch: If you are already a Hiscox customer and need to get in touch, our business insurance specialists are here to help.
Make a claim: When things go wrong, we’re the experts in putting it right. Make a claim
Our claims promise: Our UK-based claims handlers are here to act swiftly and in your best interests. Find out more about our superior claims service.
This hub is designed to connect business owners with a range of valuable resources which explore and answer to some of the most important queries around cyber security today. The more you know, the stronger your security.
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.
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.
*YouGov Survey, April, 2019.
^CyberClear rated the most comprehensive cyber policy for SMEs by Insurance Times; received a 100% score in the Insurance Times Cyber Product Report 2018.
˜Cyber Security Breaches Survey, April 2019.
**Hiscox Cyber Claims Report, 2018; 67% of Hiscox cyber claims involve an element of employee error.
An average workday became a nightmare when a customer's business fell victim to a ransomware attack
