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Cyber insurance
Specialist cover against targeted cyber-attacks from £5 a month.*
Fast, easy online quote in 90 seconds
24hr legal advice helpline included
No hidden fees or cancellations
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.
Explore Britain's Cyberspace, Markel Direct's report on the landscape of cybercrime in the UK.
Cyber cover at a glance:
- Cover for data breaches, ransomware and phishing attacks
- Legal and IT support to manage incidents
- Compensation for business interruption and recovery costs
- Protection for customer and employee data
What is cyber insurance?
Cyber insurance, also known as cyber liability insurance, protects your business in the event of a malicious attack on your computer systems and data. 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 - 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.
Why choose Markel Direct for cyber insurance?
At Markel Direct, 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:
*The £5 a month premium referenced is based on a turnover under £25,000 a year and a £50,000 level of cyber insurance cover.
Cyber cover from
£5.00 per month*
*The £5 a month premium referenced is based on a turnover under £25,000 a year and a £50,000 level of cyber insurance cover.
Who needs cyber and data 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.
How it works
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What does cyber and data 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:
What is covered
You will also have access to our cyber response helpline, which is manned by our information security experts.
What is not covered
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.
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
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
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
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.
Example policy documents
If you have an existing policy with us, please sign in to view your policy documents.
Below you will find examples of the documents provided.
Indicative quotes
Ecological consultant
- Sole trader
- 0 employees
- £45,000 turnover
- York
- (£494.68/yr)
- £49.47/mo
- Cyber £50,000
- Professional indemnity £1m
- Public liability £1m
- Portable equipment £5,000
Zoology consultant
- Sole trader
- 0 employees
- £40,000 turnover
- Leicester
- (£232.40/yr)
- £23.24/mo
- Cyber £100,000
- Professional indemnity £1m
- Employers' liability
- OPA
Inspection / testing services
- Limited company
- 0 employees
- £100,000 turnover
- Norwich
- (£761.60/yr)
- £76.16/mo
- Cyber £250,000
- Professional indemnity £1m
- Public & products liability £5m
- Employers' liability
*Final price payable is subject to underwriting criteria and acceptance. AI images are used on this website to depict example customer types. Any resemblance to an actual person is purely coincidental.
How much does cyber insurance cost?
At Markel Direct, we offer cyber insurance from £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 Direct.
*The £5 a month premium referenced is based on a turnover under £25,000 a year and a £50,000 level of cyber insurance cover.
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Frequently asked questions
These frequently asked questions are designed to help you and include questions relating to policy cover, pricing and ‘technical’ terms.
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Why do I need insurance if I have cyber security?
There’s no denying that having up-to-date cyber security controls in place, such as anti-virus software, can help minimise the chances of a system being successfully attacked. However, measures like this do not provide any sort of financial protection, meaning that in the event of a data breach, you’d be left to pick up the cost of putting things right. Cyber insurance gives you peace of mind that if you were to experience a targeted cyber attack, you’ll have financial protection in place.
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What kind of claims does cyber insurance protect against?
Cyber insurance can protect your business against a wide range of different scenarios. Some examples include:
- A spreadsheet which contains some of your clients' personal information, including payment details, is stolen in a targeted attack against your business. Your cyber insurance policy provides financial cover associated with informing your customers of the hack, and it also covers any legal costs and damages you are required to pay to other parties involved.
- A hacker threatens to encrypt the hard drive of a laptop used within your business unless you meet a ransom deadline. Your cyber policy means you are covered for the cost of meeting and paying the ransom demand.
- As part of a targeted attack, there is an outage on your company website, causing the loss of data and meaning clients cannot access your services. Having cyber insurance in place means you are covered for the cost of restoring or reinstating this data to get your website back up and running, and you’ll be covered for loss of net profits too.
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What other types of business insurance do I need?
Aside from cyber liability insurance, it’s important to think about what other types of insurance you may need for your business. Employers’ liability cover is a legal requirement for most businesses, and public liability insurance is also important if you’re in contact with members of the public. You may also find that professional indemnity insurance is useful, especially if your business offers advice.
Other types of cover that may be relevant to your business include:
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How are Markel Direct regulated?
Markel Direct is a trading name of Markel International Insurance Company Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Find out more on the Financial Services Register.
We are a division of Markel International, a Lloyd’s of London market insurer that wrote gross premium totals of £2.4bn in 2023.
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