Cyber Insurance

A standalone cyber policy generally covers two sides. First-party cover handles your own costs after an incident - forensic IT investigation, data restoration, business interruption while systems are down, and the cost of notifying affected customers. Third-party cover handles claims made against you when someone else's data is compromised through your systems. Most policies also include access to a 24/7 incident response team, and some add cover for cyber crime such as funds-transfer fraud.

It depends on your occupation, revenue, the type and volume of data you hold, and the security controls you have in place (things like multi-factor authentication and backups). Some insurers and underwriters write smaller limits - as low as $25,000 - which keeps cover accessible for smaller operators, again subject to occupation, revenue and risk profile. We have seen policies start from a couple of hundred dollars a year and scale up from there. Because the price moves with your specific risk, the most reliable way to get a real figure is to request a quote so we can match you to the right market rather than quote a number that may not apply to you.

A cyber extension on an existing policy can be a reasonable starting point, but the limits and scope are often narrow. As you grow, hold more data, or rely more heavily on digital systems, a standalone cyber policy usually gives broader first-party and third-party cover plus dedicated incident response. We can review what your current extension actually covers and tell you whether a standalone policy is worth it.

First-party cover pays for the costs your own business incurs after an incident - investigation, restoring data, lost income, and customer notification. Third-party cover responds to claims made against you by others, for example a client whose data was exposed because of a breach in your systems. A good standalone policy includes both.

Cyber policies typically respond to a ransomware incident through the incident response function - forensic specialists to contain it, technical help to restore data, and negotiation support where appropriate. Cover for any ransom payment itself is subject to the policy terms and to sanctions law. The bigger value is often the business interruption and recovery cover that gets you trading again.

Some standalone cyber policies include cover for direct financial loss from cyber crime, including social engineering or business email compromise - where someone is tricked into paying funds to a fraudulent account. It is not automatically included in every policy, so it is one of the specific things we check the wording for when we place your cover.