How much is cyber liability insurance?
How much does cyber insurance cost?
The cost of cyber cover varies for every business, depending on several factors, like the type of work you do.
If you’re not sure about this type of cover, we have a guide on what cyber insurance is. But, briefly, cyber insurance is designed to cover any business which operates online or is exposed to the internet, as well as the risks that come with storing and handling data when running a business.
When buying cyber insurance, it’s important to make sure you have the right amount of cover.
Be quote confident. We'll beat the price of any like-for-like quote. T&Cs apply.
How do I find out the cost of cyber insurance?
Every insurer offers different prices for their cover. You can view how much cyber insurance through Superscript costs by starting a quote. Building a quote only takes a few minutes, and it will be based on your business needs, and therefore, unique to you.
The excess — the amount you agree to contribute towards each claim — on a cyber policy through Superscript starts from £500. The total excess you pay will usually depend on the size of your business and the activities you carry out.
What changes the cost of my cyber insurance?
When building a quote, the insurer will ask a bunch of questions to determine the risk level of your business and the level of cover you need.
For example, you will likely be asked about the type of work you do and your business turnover. These are two key factors in determining how much your policy will cost. Others can include the size and location of your business, your claims history and the amount of excess you decide to pay if a claim is made.
Learn more about the things that make up the cost of your cover in our guide to what affects the cost of business insurance.
How much cyber insurance do I need?
The amount of cyber insurance you should consider will depend on the risks your business faces. If you hold a lot of Personally Identifiable Information (PII) or you trade a lot online, for example, you may want to consider having more cover.
Cyber insurance is designed to support businesses with the fallout from a cyber-attack or a data breach, as well as some other cyber-related incidents. It’s easy to underestimate the cyber risks your business faces.
Hackers often target smaller companies, using them as a gateway to more lucrative and data-rich firms. And a breach can lead to damage to finances, reputation and take time away from building your business.
The limit you select should take into consideration your company’s turnover. Cover via Superscript can include breach response services. This means that your cover would be based on the number of people affected, rather than a set monetary amount. These costs can be covered in addition to the limit you select.
The cost of operating without cyber insurance
It’s also worth factoring in the cost of operating without cyber cover. The cyber landscape is constantly changing, and as such, the threats and risks you may face are also evolving.
Here are some things you should weigh up:
1. You’re more exposed than you think
Even big names like Marks & Spencer, the BBC and British Airways have fallen victim to cyber attacks. If they can be targeted, smaller businesses aren’t off the radar either. In fact, according to one survey, 59% of SMEs said they’d experienced a cyber-attack in the last 12 months, with a third (33%) being hit with a substantial fine following an attack.
2. Data breaches don’t just hit your tech — they hit your bottom line
Cyber insurance is designed to help cover the cost of recovering from a breach. That includes business interruption, system repairs and legal support.
3. Considering GDPR rules
Under the UK General Data Protection Regulation (GDPR), you’re legally responsible for protecting the personal data you hold — from names and email addresses to card details and health records.
If that data is lost, stolen or exposed, you could face steep regulatory fines, even if the breach wasn’t your fault.
Cyber insurance is built to help with the cost of responding to these incidents — including notifying affected customers, hiring legal and data recovery experts and dealing with the Information Commissioner’s Office (ICO).
4. Ransomware is on the rise
Organised crime gangs can lock your systems and demand huge ransoms. With cyber cover, you could have a team to help negotiate and respond.
5. Your reputation’s on the line
News of a breach spreads fast. If customers lose trust, it can take a long time (and a lot of money) to win it back.
In short, cyber insurance could give you support when you need it most. It can help you bounce back faster, stay on the right side of the law and protect your business from the growing risks of doing business online.
Please remember that while business insurance covers a range of eventualities and circumstances, it doesn’t cover everything. Make sure to read your policy documents carefully to understand the full details around exclusions, terms and limits of your cover.
Once you've completed a quote, you'll be able to view a summary of cover. Please always refer to your policy documents for full details around exclusions, terms and limits of your customised cover. Read our guide to understanding your policy documents.
Be quote confident
We're big on fairness. So if you find a lower price for a comparable quote, we won't just match it — we'll go one better and beat it.
So even better than apples to apples, apples to better apples. We're talking Galas to Braeburns.
As you'd expect, T&Cs apply.
Download your free guide to cyber risk
If you rely on systems, suppliers or customer data, you have exposure.
Download our report for a clear view of the UK threat landscape — and what resilient businesses are doing differently.
✔️ Understand where your business might be exposed
✔️ Benchmark yourself against 1,000 UK businesses
✔️ Straightforward guidance you can act on straight away
Read on
Our insurance guides answer more of your cyber insurance questions.
What is covered under cyber insurance?
Cyber insurance is designed to cover any business which operates online or is exposed to the internet. Find out if you need it.
What is cyber insurance?
Learn all about cyber insurance and why you might want to consider it for your business.
How to keep your business cyber safe
Business are exposed to more risks than ever before. Read our top cybersecurity tips to keep your business safe.