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.
Digital Risks make insurance easy!
Arrange your business insurance in minutes, by getting a quote and buying your policy online. No confusing forms or jargon, just plain English and a fast, seamless experience.
Flexibility and growth
Our monthly subscription model gives you ultimate flexibility, with the option to cancel or change your cover at any time. No more annual contracts, it's insurance that grows with your business.
Making a claim
Need to make a claim? With Digital Risks, it's a piece of cake. No outsourcing to third parties or lengthy delays, all claims are handled by our team personally and on a first-name basis.
Data insurance guide
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!
What to watch out for
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.
Other covers to consider
Covers your liability to customers for professional mistakes, errors or omissions in services you provide.
Contents and equipment
Protects your property against theft, loss or damage.
Commercial legal protection
Covers compensation awards, professional fees and legal costs associated with a range of legal disputes.
We're rated excellent by our customers
Excellent value at an affordable monthly cost. I have not needed use the services. But its good to know I have the insurance there to allow me to get on with my work.
James, J. Black Photography
Flexible. simple, easy, immediate. As a busy freelancer I need flexibility to potentially change the policy month by month - very handy and a feature I didn't find with other providers.
Tim, Graphic Design Freelancer
Excellent service, and really lovely people. Completely understanding of small or start up businesses, and a willingness/ability to be flexible. I'm very happy.
Lorna, Magic Penny Gifts
A super slick interface and all around great experience. Thumbs up Digital Risks! Having spoken to a number of "large" insurers, the pricing I received from Digital Risks was much more competitively priced for "like for like" cover. Highly recommended.
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As cyber-crime becomes more common-place, all businesses – even small ones – need to be prepared.
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.
You're in safe hands
Authorised by the FCA
The FCA supervises UK financial services firms to protect consumers. We are directly authorised and regulated by the FCA and our Firm Reference Number is 656459. These details can be confirmed on the Financial Services Register at www.fca.org.uk or by calling the FCA on 0845 606 1234.
A-rated financial strength
Our insurance products are underwritten by Standard & Poor’s A-rated financial strength or higher. This means the underwriter has been independently assessed by the world’s leading credit rating provider and found to have a strong capacity to meet financial commitments (pay claims).
Protected by the FSCS
If you are a business with an annual turnover under £1m, charity with an annual income under £1m, or trust with net assets under £1m, then you will be entitled to compensation from the FSCS in the unlikely event we cannot meet our obligations. Full details and further information on the scheme are available at www.fscs.org.uk