A cyber incident can affect far more than your IT systems. Data breaches, ransomware, phishing and payment fraud can disrupt operations, create unexpected costs and damage customer confidence. We help businesses explore cyber insurance options suited to their risks.
Businesses rely on digital systems to communicate with customers, process payments, store information and keep day-to-day operations moving. A cyber attack or data incident can interrupt those activities, even where the business is not a technology company.
Threats can include malicious software, ransomware, phishing, compromised email accounts, data theft and fraudulent payment instructions. The impact will depend on the incident, the systems affected and the business's own circumstances.
Cyber insurance can help with certain costs and liabilities arising from covered incidents. It should sit alongside sensible security measures, staff awareness and a practical incident response plan.
Depending on the insurer and policy selected, cover may be available for a range of first-party costs and third-party liabilities following an insured cyber incident.
Support with the costs of responding to a covered incident involving personal or confidential information.
Some policies provide cover for eligible response costs arising from ransomware or cyber extortion events.
Cover may be available for certain financial losses and additional costs if an insured cyber incident interrupts your business.
Protection may be available if a third party brings a claim alleging that a covered cyber incident has caused them harm.
Selected policies or extensions may address certain financial losses caused by fraudulent electronic communications or impersonation.
Specialist assistance may help establish what happened, contain the incident and restore affected systems.
Cyber incidents do not only affect large organisations. A smaller business can still rely on email, online banking, cloud software, customer records, supplier portals and digital payment systems.
When discussing cover, it is useful to understand how your business operates, what information it holds and which services it depends on.
Any organisation that uses digital systems or handles information may have cyber exposures. The nature and level of risk will differ from one business to another.
We take time to understand your business before discussing the insurance options available.
We discuss your activities, systems, information held, dependencies and any particular concerns.
We help identify the cyber exposures that may be relevant and the questions insurers are likely to ask.
We approach suitable insurers and explain the available cover, limits, excesses, conditions and exclusions.
We remain available to discuss your insurance and help you understand the notification process if an incident occurs.
At Dixons, we believe commercial insurance is built around people and relationships. You can speak directly with our team, discuss your business in plain English and get help understanding the cover being considered. If you need to report an incident, we can help you understand the relevant insurer notification route and the information you may need to provide.
Some common questions businesses ask when considering cyber insurance.
Depending on the policy, cyber insurance may cover certain costs and liabilities arising from an insured cyber incident. This can include incident response, forensic investigation, data restoration, business interruption, privacy liability and legal defence costs. The precise cover varies by insurer and policy wording.
No. Smaller businesses can also rely on email, online banking, cloud services and customer information. Whether cover is appropriate will depend on your activities, exposures, insurer requirements and the terms available.
Some policies include cover for certain ransomware and cyber extortion-related costs. Conditions, exclusions and restrictions can apply, and any payment must comply with applicable law and policy requirements. Never assume a ransom payment is covered.
Some policies offer cover for specified social engineering or funds transfer fraud scenarios, either within the policy or by extension. These covers can be subject to strict definitions, verification requirements, sub-limits and exclusions. It is important to check the exact wording.
Cover for fines or penalties is not automatic and may be restricted or unavailable where they are uninsurable by law. Policies may instead provide certain legal defence, investigation or response costs, subject to the wording and applicable law.
Act promptly. Follow your internal incident response plan, contact your IT/security provider as appropriate and notify your insurer or the designated 24-hour response service using the details in your policy documents. Do not wait for the full extent of the incident to become clear before checking the notification requirements.
Insurers may ask about your turnover, business activities, systems, data, security controls, backups, staff training, remote access, suppliers and previous incidents. The questions will vary according to the insurer and the size and nature of your business.
No. Insurance is not a substitute for sensible security controls. Strong passwords, multi-factor authentication, secure backups, software updates, staff awareness and tested response procedures can all help reduce exposure. Insurers may also make particular controls a condition of cover.
Important information: This page provides a general overview only and is not a recommendation or confirmation that any particular cover is available. The availability, scope and cost of insurance depend on the insurer, the information provided and the individual risk. All cover is subject to the policy wording, terms, conditions, limits, excesses, endorsements and exclusions. Cyber policies may contain specific requirements relating to security controls, incident notification, waiting periods, retroactive dates and circumstances known before inception. Please refer to your policy documents and contact us if you need clarification.
Whether you are reviewing existing cover or considering cyber insurance for the first time, our team can help you explore the options available to your business.
