What is cyber and data risks insurance?
When it comes to cyber risk, insurance is more important than ever with attacks and security breaches increasing in frequency and sophistication. Cyber and data risks insurance is designed to support and protect your business if it experiences a data breach or is the subject of an attack by a malicious hacker that affects its computer systems. It provides comprehensive cover, simplicity, reputation protection and a trusted partner in the event of a claim.
You may need cyber and data risks insurance if you:
- hold sensitive customer data, such as names, addresses or banking information
- are reliant on computer systems to conduct your business
- have a website
- are subject to a payment card industry (PCI) merchant services agreement.
As businesses become ever more reliant on technology, the risk of suffering a loss related to problems with computer systems or holding sensitive customer data continues to grow. It could be that your business holds personal information on clients or customers, including names, addresses and bank details. Maybe your systems and data are held on physical servers or in the cloud. Or perhaps you are reliant on a website for the running of your business. Damage or unauthorised access to any of these could lead to reputational damage and legal or regulatory costs.
How Hiscox cyber and data risks insurance protects your business:
When it comes to cyber security, insurance is one of the only ways to ensure your back is covered should the worst happen.
- A trusted partner in the event of a claim. Financial compensation is not all that’s needed to deal with these new and evolving risks. So Hiscox will not just pay out when you suffer a loss, but will also provide you with access to a team of experts who will actively work with you to minimise your loss and the possible damage to your business.
- Specialist expertise. We’ve been providing cyber and data insurance for 14 years, so we understand the changing risks that businesses face and have evolved our product to protect them.
- Access to a worldwide network of privacy lawyers and technical specialists who will offer expert support and guidance in the event of a claim.
- Access to Hiscox eRiskHub. We give access to tools and resources to help you stay up to date with evolving risks, understand your exposure and establish a response plan.
Protect your hard-earned reputation
Although you undoubtedly strive to work with as much precision and care as possible, mistakes can happen which is when the reputation of your business could come under threat. Hiscox cyber and data risks insurance includes free crisis containment cover. This provides access to specialist public relations support if a covered claim looks likely to damage the reputation of your business. So, should the worse happen, you can let the experts manage your response to events while you focus on running your business.
Read more about Hiscox cyber and data risks insurance cover information >
We want you to understand the cyber and data risks cover we offer.
Download cyber and data risks insurance summary of cover (PDF)
Download cyber and data risks insurance policy wording (PDF)
If you took out a Hiscox e-risks policy on or before 30 January 2016 and want to find out more about the difference between your policy and our new cyber and data risks cover, please visit our existing customers page.