Data insurance

Pay by the month protection for digital businesses.

Data insurance covers allegations that you haven't properly handled personal information or that you failed to protect it against unauthorised access

What is data insurance?

As a digital business you're a prime candidate for data breaches and cyber-attacks. As an innovator, you need to be even more vigilant. If the worst does happen, it can have serious repercussions for your reputation, your clients' businesses, not to mention the cost of any legal fees, compensation claims and notifying those affected. It doesn't bear thinking about.

Now for the good news. Data insurance will come to your rescue. Covering you for breach of data protection laws (where insurable by law) and your liability for handling data, it can also provide cover for extortion, system rectification costs, plus PR expenses and financial loss due to system downtime.

Who is it for

Firstly, even if you're not 'in the cloud' or get 'big data', read on.

Few businesses can get by today without some form of technology, whether it's a website, data servers or basic online software. Even with a small IT footprint, cyber-attacks can still be a risk.

And if you're one of those whose whole world is 'in the cloud', your risk could be even greater.

What are the risks

Data breaches and hacking are big news, with frequent reports showing the damage they can do to business reputations, customer trust and the bottom line. And it isn't just big businesses affected.

You also have data protection laws to think about, with penalties of up to £500,000 if your business fails to comply with the Data Protection Act. The extent of your risk depends on the number and type of records you hold, along with the network security and backup measures you have in place.

The origin of data can also be an issue, as different data protection regulations apply to most overseas jurisdictions.

Things you can do

Keep track of the data you hold and if you don't need it, delete it. Anonymising personal information is another good way of staying protected.

If your data still lives in excel spreadsheets, then consider updating your systems. There might be a solution that not only provides security but also improves efficiency and productivity. Carefully vet all suppliers first, of course.

Finally, if you're not sure then seek professional advice – not everyone knows the latest encryption practices!

Things to watch out for

Cyber liability cover is closely linked to Professional Indemnity Insurance, so make sure your provider has a good technical understanding of how they work together.

Note that when you take out a cyber policy, you will need to disclose the type of data you're holding. This is particularly important for financial information.

Also consult your policy if anything changes in your business, as this may affect its validity. Disclose things that change ASAP – even before they happen.

Award-Winning Insurance

We're the British Insurance Awards 2018 Insurance Start-up Winner - recognised for our innovative range of covers, online customer experience and flexible subscription model, which make buying and managing insurance easy and accessible for businesses in the digital industries.

But don't just take our word for it. Leading digital companies, large and small, choose Digital Risks to protect their people and businesses.

Trusted by

   Other insurance providers didn't really understand start-ups. We were looking for a tailored approach to suit our business needs and were recommended to Digital Risks!

CEO & Founder



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