Cyber insurance Cyber insurance

Cyber insurance covers your business's liability for a data breach involving sensitive customer information, such as credit card numbers, passwords and personally identifiable information (PII).

The limit you select should take into consideration your turnover. Having said that, one of the great things about our cover is that it pays for breach response services based on the number of people affected, rather than a set monetary amount - and these costs will be covered in addition to the limit you select.

Personally identifiable information (PII) is any data which could be used to identify a specific person. This could be as simple as a name, location data, or an email address.

Cyber insurance protects your liability against certain digital risks, from damages as a result of cyber-related data breaches to accidental copyright infringement - say if a company tweet accidentally used a trademarked image, leading to you being sued.

Notification costs are the costs incurred in gathering information and contacting the relevant authorities and individuals affected by a security or data breach. Our cover includes support from experts who would work alongside your business to handle this difficult situation.

Big brands tend to hit the headlines, but small and medium sized businesses are just as likely to fall victim to cyber attacks and data breaches. In 2019, more than 3 in 10 businesses in the UK identified cybersecurity breaches or attacks.

SMEs are often seen as a soft target, as they have fewer resources to put towards the technology and skills they need to stay safe. Plus they’re busy, which means security practices can often get overlooked. We've put together a helpful guide to cybersecurity for small businesses.

The excess is from £500, but this will depend on the size of your business and activities you carry out.

You might not always be able tell that your systems have been hacked, however there are a few telltale signs. It’s important to stay vigilant and if you notice any of the signs below, the first thing for you to do is let us know.

If your business is a victim of ransomware, all or some of your files will be locked and you will receive a message requiring you to perform certain actions, or to pay a fee to unlock your systems. In this situation, please get in touch with us immediately.

Another less obvious example would be your mouse moving outside your personal control, as if someone else is controlling it. It could well be a bug, but it’s better to disconnect the device from your network and run a virus scan, just to be on the safe side.

• For starters, keep track of the data you hold and delete any records that you don’t need.
• Anonymise personal information where possible amd appropriate.
• Take a look at your processes, as a large amount of data tends to live in spreadsheets and ad-hoc files on your systems. There might be a better, safer way to store your information that doesn’t leave you open to unintended data breaches.
• Don't forget about employee training. Having continuous employee training and testing is just as important in implementing a strong cybersecurity program.

To find out more about securing your cyber risks, take a look at our guide to carrying out a cyber risk assessment.

If your business needs professional indemnity insurance (PI), a good tip would be to try and make sure it’s the same insurer as the cyber liability insurer. The two covers are linked and have some crossover covers. When choosing your provider, make sure they have a good technical understanding of how they work together. At Superscript, we keep our PI and cyber liability covers together to make sure they both work for you and avoid any confusion.