Cyber Liability Insurance from £145

Get a Quote Now?Please note terms obtained are non-advised and are based on information provided by yourself. This is very cost effective and these cost savings are passed on to you in the competitive terms produced. On clicking this button you will be taken to our insurance partner PIA’s site.

Cyber Liability Insurance is relevant to just about every business as virtually every business will store personal data, use a computer and phone network, digital information or use the internet. Cyber-fraud affects one in eight small businesses every year with fraud losses to small and medium enterprises (SMEs) estimated at nearly £20bn.

Standard business insurance was designed to deal with physical risks such as accidental damage, fire or flood. The digital age has left these standard policies behind and they do not protect valuable business assets which is often their reliance on stored data and networking systems.

RMK are now able to offer a comprehensive and affordable cyber liability insurance coverage underwritten by Hiscox. The cover comprises six key areas:

Breach Costs – This includes breach forensic costs; outside legal fees you incur in managing your response to the breach; costs you incur to notify each affected data subject of the breach; costs you incur to notify any regulatory body, including the Information Commissioner’s Office, of the breach where you are required by any law or regulation to do so; costs you incur to use a third-party call centre to answer enquiries from affected data subjects following notification of the breach to such data subjects; and credit monitoring costs;

Cyber business interruption – Your loss of income, including where caused by damage to your reputation, and any increased costs of working, resulting solely and directly from an interruption to your business commencing during the period of insurance and lasting longer than the time excess, due to:

the activities of a third-party who specifically targets you alone by maliciously blocking electronically the access to your computer system, programmes or data you hold electronically;

or a hacker who specifically targets you alone.

Hacker damage – Losses caused by a hacker:

damaging, destroying, altering, corrupting, or misusing your computer system, programmes or data you hold electronically, or any programmes or data for which you are responsible;

or copying or stealing any programme or data you hold electronically or for which you are responsible; we will pay all the reasonable and necessary expenses incurred with our prior written consent in replacing or repairing your computer system, programmes or data you hold electronically to the same standard and with the same contents before it was damaged, destroyed, altered, corrupted, copied, stolen or misused

Cyber extortion – If you receive an illegal threat, insurers will pay the cost of any ransom demand from the third-party or, if the demand is for goods or services, their market value at the time of the surrender.

Privacy protection – A claim against you for your actual or alleged:

i. breach, violation or infringement of any right to privacy, consumer data protection law, or other legal protection for personal data;

ii. breach of duty to maintain the security or confidentiality of personal data;

iii. breach of any duty of confidence, including in respect of any commercial information; or

iv. breach of any contractual duty to maintain the security or confidentiality of personal data, including under a payment card processing agreement with any bank or payment processor or under your public facing privacy policy.

Media liability – If any party brings a claim against you for any actual or alleged:

a. infringement of any intellectual property rights;

b. defamation, including libel, slander, trade libel, product disparagement or malicious falsehood; or

c. negligent transmission of a virus; which directly arises from the content of your email, intranet, extranet or website, including alterations or additions made by a hacker

Aimed at SMEs and smaller corporate businesses with an annual income of up to £15m, the cyber liability insurance policy provides cover on a cross aggregate limit basis with Limits of Indemnity starting from £100,000 and rising to £2m. Annual premiums start from £145 plus Insurance premium tax

Cyber Liability Policy

Get a Quote Now?Please note terms obtained are non-advised and are based on information provided by yourself. This is very cost effective and these cost savings are passed on to you in the competitive terms produced. On clicking this button you will be taken to our insurance partner PIA’s site.

Contact us for more information