If you took out a Hiscox e-risks insurance policy before 30 January 2016, your policy will migrate to our new cyber and data risks ‘lite’ policy at the next anniversary of your policy start date.
We think you might be interested in what our new cyber and data risks insurance has to offer before that though. We’ve broadened the cover that we provide to protect businesses against the risks of using computer systems or holding customer data.
Your existing e-risks cover
Hiscox e-risks insurance protects your business against risks such as:
- Hacker attack – if a hacker damages your website, we will pay to repair it, or may cover the ransom you have paid to a hacker threatening to damage your site
- Infringement of intellectual property – if you accidentally infringe a trademark on your website, we will cover compensation you have to pay
- Online identity fraud – if a third party fraudulently uses your online identity to enter into a legal agreement, we will pay costs incurred up to £10,000
- System suspended – if your computer is frozen during an official investigation by the police following a hacker attack, we will pay for you to hire computer equipment to keep your business running
- Virus damage – if a virus destroys your system, we can help you rebuild your computer system or website following damage and restore your data.
What is cyber and data risks insurance?
Hiscox cyber and data risks insurance is a new policy that has been designed to protect against the current and emerging risks faced by small businesses that hold sensitive data, such as customer names or bank details, or that are reliant on or use computer systems. It supports and protects businesses if they experience a data breach or are the subject of an attack by a malicious hacker that affects their computer systems.
If you automatically migrate to cyber and data risks insurance you’ll be on the ‘lite’ policy and will get cover for:
- Cyber extortion – we will protect you if a hacker tries to hold your business to ransom by covering the ransom you have paid, as well as the services of a leading risk consultancy firm to help manage the situation
- Hacker damage – we will reimburse you for the costs of repair, restoration or replacement if a hacker causes damage to your websites, programs or electronic data
- Media liability – the policy includes protection if you mistakenly infringe someone’s copyright, for example by using a picture online without permission, or inadvertently libel a third-party in an email or other electronic communication.
You policy schedule will show that you are covered for these scenarios but not those listed below.
If you take out our ‘full’ cyber and data risks policy you will get the above cover plus:
- Breach costs – we offer practical support in the event of a data breach (electronic or otherwise) including forensic investigations, legal advice, notifying customers or regulators, and offering support such as credit monitoring to affected customers
- Cyber business interruption – we will provide compensation for loss of income, including where caused by damage to your reputation, if a hacker targets your systems and prevents your business from earning revenue
- Privacy protection – we will pay to defend and settle claims made against you for failing to keep customers’ personal data secure. We will also pay the costs associated with regulatory investigations and settle civil penalties levied by regulators where allowed.
Your policy schedule will show that you are covered for all six scenarios listed above.
How do I switch to a cyber and data risks insurance policy?
If you’d like to find out more about switching to cyber and data risks insurance, or want to know more about the difference between the ‘lite’ and ‘full’ options, simply call and speak to one of our business insurance experts.
Read more about Hiscox cyber and data risks insurance cover information >