In today’s digital world, many businesses store a lot of their data online. While this is an effective way to keep this information, it can make organisations more vulnerable to cybercrime. As a result, it’s more important than ever for businesses to have cyber insurance in place.
With over 25 years’ experience in protecting small businesses, Markel is perfectly placed to provide you with cyber insurance that’s been designed to protect you and your business.
What is cyber insurance?
Cyber insurance is a form of cover that can help protect your business in the event of a malicious attack on your computer systems and data. Also known as cyber liability insurance, this type of policy can help minimise disruption to your organisation, covering the financial costs involved in handling and recovering from a cyber-attack or hacking threat.
As a business, you are ultimately responsible for putting practices in place to control cyber security within your organisation. While security measures can help minimise the risk of a cyber-attack from happening in the first place, this type of insurance can provide financial protection in the event of a data breach. By purchasing cyber insurance, you’ll have added peace of mind that if the worst were to happen, you could receive financial support to help keep your business afloat.
What does cyber insurance cover?
Generally speaking, cyber insurance covers the losses relating to the damage to or loss of information from networks and IT systems. A cyber insurance policy could provide financial assistance and management following a cyber-attack, covering a wide range of costs, from the restoration of computer systems to loss of income.
When you purchase cyber liability cover from Markel, you’ll be covered for the costs involved with:
The costs of restoring data and equipment
Informing clients of a data breach
Meeting ransom demands
Loss of your net profit
Your legal defence costs and damages you are legally liable to pay to other parties
You will also have access to our cyber response helpline, which is manned by our information security experts.
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Why choose Markel for cyber insurance?
At Markel, we understand the cyber threats that organisations face. That’s why our specialist cyber insurance has been tailored to protect you and your business. Below are just some of the reasons why you should take out a policy with us:
✔ Affordable policies
With premiums starting from as little as £5 a month*, our cyber insurance policies provide your business with the protection it needs at an affordable price.
✔ Cover you can trust
We are a division of Markel International, a Lloyd’s and London market insurer, accumulating gross premium totals of £1.09 billion ($1.49bn) in 2020.
✔ Get a quote today
Use our online quote form to get a quote in just 90 seconds. It’s that easy.
✔ A policy designed to suit you
We offer insurance policies that have been designed to suit the specific needs of your business. Our cover is ideal for small businesses, contractors, freelancers, charities, community groups and everything in between.
✔Positive customer reviews
We’re highly rated by our customers at Feefo.com, and are trusted by over 200,000 customers.
*The £5 a month premium referenced is based on a turnover under £25,000 a year and a £50,000 level of cover.
Who needs cyber insurance?
Any organisation that uses, sends or stores data digitally, or any organisation that solely relies on technology to conduct its operations, can benefit from this type of insurance. In fact, cyber insurance is considered to be an important part of small business insurance, as it can offer financial support if the worst happens.
For example, if a charitable organisation were to experience a cyber-attack, this type of insurance could help pay the costs of meeting ransom demands, restoring data and equipment, and loss of net profits - as well as informing clients of the data breach. This is especially important since many charities hold confidential or sensitive data about their donors and volunteers, meaning that aside from charity insurance, cyber insurance could also be crucial.
Do I need cyber insurance?
If your business relies on technology in order to operate, there is a good chance that you would benefit from having this type of insurance in place. If your business uses computers to run a website, send emails or carry out work, or if you store sensitive data about employees or customers, such as names, addresses, telephone numbers and payment details, cyber insurance is generally considered vital cover.
If your business were to experience a cyber-attack or hacking threat but you did not have this type of insurance in place, you would be expected to absorb the costs of restoring your own data and equipment, as well as any compensation payable to affected parties. To avoid the financial fallout as a result of a cyber-attack or threat, you should consider purchasing a cyber insurance policy.
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How much cyber insurance cover will I need?
Many clients and industry bodies with regulatory obligations are required to have a minimum level of cover in order to undertake a contract, so it's worth checking this before you arrange cover for your business. If you're unsure, or if it's the first time you have arranged this type of insurance,you should consider the worst-case scenario for your organisation and the likely costs involved in putting any mistakes right. At Markel, we offer a range of limits on cyber insurance, so you're sure to find the right level of cover for your business.
How much does cyber insurance cost?
At Markel, we offer cyber insurance from as little as £5 a month, and there are no hidden fees or cancellation charges. However, the cost of cyber insurance for your business will depend on several different factors, such as the size of your organisation and your annual revenue. The industry your business operates within will also play a role in determining this cost, as will the type of data that your organisation deals with and the overall security of the network.
For example, a business that is considered to have poor cyber security controls in place or has a previous history of falling victim to data breaches is likely to face higher premiums for cyber insurance compared to an organisation that has a reputation of using heightened security measures.
What’s more, businesses within sectors that handle and store highly confidential data, such as the healthcare industry and those offering financial services, may find that cyber insurance policies cost more due to the sensitive nature of the fields they operate in. Whatever the case, if you need cyber insurance, you'll find affordable options at Markel.
What are common cyber crimes?
There are many different ways in which cyber criminals can compromise IT systems. While some types of attacks are more effective than others, all present a significant risk to an organisation. Some of the most common cybercrimes that your business may be exposed to include:
Hacking refers to the partial or complete acquisition of a computer system or specific functions within it. There are several variations of this method, but the ultimate goal is to access important data.
Malware is a form of malicious software that has the ability to install itself within a system via phishing scams, making the system vulnerable and easier to access. Once the malware has been installed, the attacker is able to steal private data and spy on online activity.
Ransomware is a type of malware which attacks a computer system and encrypts data. The attacker will then make a ransom payment demand in exchange for the return of the data.
Access cyber and IT security guides
For more information on how to protect your business against cyber crime, see our cyber and IT security guides here. We cover everything from keeping your clients' data safe to the risks of bringing you own device to work (BYOD) and how to protect against them.