The complexities of insuring against cyber risks

Written by
Ben Rose

Updated 31st May 2016

As mentioned in The Times today, our resident insurance guru and co-founder Ben Rose explains the complexities of insuring against cyber risks.

When designing cyber cover, insurers must take into account not only a business's liability to its customers, but also potential impacts on the business itself.

Ben advises, "While the client's customers may find their finances, IP or reputation under threat due to a leak of personal details or commercially sensitive information, the business itself also has to consider issues such as website downtime, loss of sales and long-term reputational damage. The cumulative cost of all these issues can make cyber insurance particularly complex."

Exposure is usually calculated on a per record cost, where for every record the client holds there is a cost based on all the aspects of the response plan required, such as notification costs, a customer service helpline, credit checks and IT forensics costs. As a result, specialist advice should be sought, to ensure you have the right level of protection to cover all eventualities.

As mentioned in

Share this article

Related Posts

23rd May 2019
1  minute read

Why is cybersecurity important?

Investing in cybersecurity technology, processes and training is vital for a small business. Here's why.

15th May 2019
1  minute read

25 cybersecurity resources you need to see

Here are 25 of the best cybersecurity resources out there to stay up to date with the rapidly growing area.

20th March 2019
1  minute read

Cyber security - can we really be safe?

Cyber security can seem like a losing battle against cyber-criminals. Is it really worth the investment of time and money?