What is cyber insurance?
Cyber insurance relates to risks surrounding your company’s computer systems, and helps to cover many financial and reputational costs incurred should your business fall victim to a cyber-attack. Cyber-attacks - carried out by aptly named ‘cyber criminals’ - call upon a range of tactics to compromise your company’s sensitive information and exploit it, commonly for financial gain. With cyber insurance solutions designed for businesses of all sizes, we source comprehensive cover that helps to protect you against the very real and growing threats of the digital age.
Why is cyber insurance so important?
A data breach or hack could have serious impacts on you or your business, which might lead to:
- Legal action being brought against your company
- Loss of public trust
- Critical data being lost, a halt in trading and a subsequent loss of income
- Large-scale financial loss
- Identity theft
NFP are a cyber insurance partner you can trust
Our cyber security professionals stay ahead of the latest trends and threats, and our network of diverse risk professionals ensure that we provide holistic, forward-thinking solutions. The result is a tailored cyber insurance solution that is best suited to your business needs and goals.
Listen to your needs
We will take the time to listen to and understand your insurance needs, no matter how routine or complex, and help to deliver cover that aligns best with what you’re looking for.
Understand your goals
At NFP, we understand the complexities presented by the cybersecurity space and that you will have your own specific goals and aspirations. Our experts are here to design a fully integrated approach to risk management with your goals in mind.
Create better outcomes
We’re serious about delivering on our promise to you. Whether you experience a lost laptop or a full-blown ransomware attack, our claims team will be here to help you achieve a fast, stress-free resolution to even the most complex cyber insurance claim or incident.
Who do we support with cyber insurance?
In today’s world, it’s unheard of for an organisation or home to not have at least some level of digital footprint. Cyber insurance is therefore crucial to all of us, as this age of digital reliance exposes our sensitive information to new, ever-evolving threats.
You may not be a global entity, but that does not mean that the information you are handling cannot be exploited by cyber criminals. Even basic customer data is dangerous in the wrong hands, and we understand how harmful reputational damage can be to the future of an SME. We design our cyber insurance services with your business in mind and make sure that, if a data breach should happen, you are best equipped to weather the storm.
Naturally, the bigger your business, the wider the repercussions of a cyber-attack and, as a result, the more attractive of a target you are for cyber criminals. Cyber insurance is a therefore a must-have for larger corporations, to help to minimise and mitigate both the financial and reputational consequences should the worst happen.
Individuals can also be targeted by hackers and, contrary to what you may think, anti-virus software cannot always protect you. With cyber criminals’ tactics becoming more advanced by the day, protecting you and the people you love has never been so important.
Cyber insurance claims example
In one instance, a fabricated email and PDF file was used to trick a client out of £40,000. The client did in fact owe this money across three of its sites - which made the scam so believable. However, the bank transfer details on the attached document had been changed, redirecting the funds to the cyber criminal’s account. It is worth noting that the client had procedures in place to avoid this, yet it still happened.
Advice from the insurer stated that the client should have contacted the supplier and obtained confirmation of their change of bank details before sending payment. However, although the client had been found to have made a human error, on this occasion thanks to their cyber insurance policy they still received the full reimbursement of £40,000 in August 2022.
Speak to one of our cyber insurance experts
Our team of cyber insurance experts are here to manage your risks and claims pro-actively, and use their vast experience to find the best cyber insurance solutions for your business.