• What is Cyber Liability Insurance?

    Cyber liability insurance is designed to protect businesses from the financial impact of cyber-attacks and data breaches. This cover helps businesses manage the costs associated with cyber incidents, including data recovery, legal fees, regulatory fines, and potential compensation claims. Cyber liability insurance is essential for any company that stores, processes, or manages digital data, whether it’s customer information, employee records, or business-critical data.

    What does cyber liability insurance cover?

    Cyber liability insurance provides comprehensive protection for a wide range of cyber risks, including:

    • Data breach response: Covers the costs associated with responding to a data breach, such as notifying affected parties, credit monitoring services for impacted individuals, and public relations efforts to mitigate reputational damage.
    • Business interruption: If a cyber-attack disrupts your operations, cyber liability insurance can help cover the resulting financial losses, helping your business recover quickly.
    • Legal defence and settlements: Provides cover for legal fees, regulatory fines, and settlements if customers, clients, or third parties bring claims against your business following a cyber incident.
    • Data and system recovery: Covers the costs of data restoration, software, and hardware repairs or replacements following a cyber-attack that compromises your business systems or data.
    • Cyber extortion: In the event of ransomware attacks or threats to leak data, this cover provides financial support to manage ransom payments, negotiation services, and IT assistance for secure recovery.

    Do I need cyber liability insurance?

    Any business that relies on digital systems, stores sensitive data, or conducts transactions online should consider cyber liability insurance. Here’s why it’s critical for businesses across all sectors:

    • Data Protection obligations: With regulations like GDPR in the UK and EU, businesses are required to protect customer data. A data breach can result in substantial fines and reputational damage.
    • Rising threat of cyber-crime: Cyber threats are increasing, and small to medium-sized businesses are often targeted due to their perceived vulnerability. Cyber Liability Insurance helps you stay prepared for potential attacks.
    • Customer trust: Clients and customers expect businesses to take cyber-security seriously. Cyber Liability Insurance demonstrates your commitment to safeguarding their information.

    Whether your business is an online shop, a professional services firm, or a healthcare provider, cyber liability insurance provides peace of mind and financial security in the event of a cyber incident.

    How much cyber liability insurance do I need?

    The amount of Cyber Liability Insurance cover you need will depend on several factors, including the volume and sensitivity of data you handle, the requirements of the industry you operate in and how reliant your business is on IT and digital operations.

    Our experienced team of advisers can help assess your specific risks and find the most suitable level of cover for your business.

    Why choose Acer Insurance for Cyber Liability Insurance?

    At Acer Insurance, we understand that every business faces unique cyber-security challenges. We’re here to help you operate with confidence, knowing that you’re protected against the financial and reputational risks associated with cyber threats. Let us help you secure the right cyber liability insurance, so you can focus on running your business safely in today’s digital landscape.

    Contact us for a quote today

    Call 01959 528435 for an immediate quotation or leave your details below and one of our experienced team members will call you back.