Cyber

Whilst our lives and businesses have all turned digital through the increasing use of Apps and Websites whether it be for shopping or doing our banking or in the case of businesses, through the use of Software Applications and Computerised record keeping, the insurance policies provided to protect these businesses have not.

Many of these policies are designed to protect physical loss rather than digital loss, so whilst your current Combined Business Policy will cover you if someone breaks in and steals your IT equipment, will it cover you if someone hacks into your network and downloads all your client data and holds it for ransom?

Given that most businesses these days have just as significant reliance on their digital assets than they do on their physical ones then a Cyber Policy is essential.

At Velos we work with a panel of insurers to offer the widest and most competitive terms for your clients. We have a variety of options available and depending on the policy chosen, cover can include the following;

  • Any business interruption loss caused by a ransomware attack, a distributed denial of service attack (DDOS), operator error (accidentally deleting data), or any other virus or malware that prevents insured from trading.
  • Business interruption losses and any costs to minimise a cyber extortion threat (where a third party has stolen Insureds data or threatened a denial of service attack).
  • Nil deductible applicable to Remediation costs which consist of Credit Monitoring, Cyber Extortion, Data Restoration, Forensic, Legal Representation Expenses, Customer Notification and Public Relations.
  • Covers automatically includes at Insureds cloud or outsource provider not being able to provide insured with the agreed service.
  • Costs to restore insureds data that has been accidentally deleted, corrupted, destroyed or encrypted by a virus or ransomware.
  • Specialist I.T. Forensics to assist insured in the event of a cyber loss or attack.

  • Costs incurred due to any accidental breach of copyright or defamation (libel and slander).
  • Insured’s liability for losses caused to third parties by transmission of any virus, malware or ransomware.
  • Insureds liability for the loss of any Personal Data or breach or any privacy legislation anywhere in the world. In the event of a data breach we will offer IT Forensics to establish what happened, legal advice, credit monitoring (if bank or credit card details have been compromised), and Public Relations advice if required.
  • Mental anguish or mental injury as a result of a Data Liability Event or Network Security Event.
  • Mental anguish or mental injury as a result of a Data Liability Event or Network Security Event.
  • Automatic 12 months retroactive period for new policies.

According to recent market research more than 95% of Cyber Crimes are for first party loss, i.e. loss suffered by the policy holder not liability to third parties. These losses are predominantly split into the following categories;

  • Theft of Funds
  • Theft of Data
  • Damage of Digital Assets

All of these types of claims would result in a loss to the business, in some cases a significant one, and not only would they be recoverable under a Cyber Policy but Cyber Insurers offer support in order to mitigate any damage to the business and its reputation.

If you are thinking of taking out a Cyber policy or would like an alternative quote for your renewal, then please contact us on 020 7929 4058 or insurance@velosgroup.co.uk to discuss your requirements further.

Contact Us

Tel: +44 (0)20 7929 4058
Fax: +44 (0)20 7933 9350
Click here to email us

Velos Insurance Services Limited
5th Floor, 81 Southwark St,
London SE1 0HX
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