Specialist cover for payment initiation and account information service providers.
Who needs PSD2 insurance?
Under PSD2, fintech businesses have to prove to regulators that their professional indemnity insurance cover (PI) meets the standards outlined in the legislation. As a fintech specialist, we've worked with leading underwriters to build a bespoke PSD2 insurance policy to meet the regulatory requirements and give you the peace of mind that you're protected. It's also quick and easy to apply with our simple online form.
How can Digital Risks help?
All payment initiation service providers (PISPs) and account information service providers (AISPs) must be able to demonstrate that their cover meets the required insurance limit and excess, as outlined by the European Banking Authority (EBA).
This provides reassurance that you're protected if a customer loses money as a result of your technology or service, in the case that a payment transaction is executed without authorisation, for example.
Our PSD2 compliant insurance offering ensures continual compliance with the minimum limit required and if you're unsure, we can also help you determine the applicable limit.
Cyber and data risks
Protection from cyber exposures such as hackers, ransomware and unintentional disclosure of customer data is important for any fintech business.
But with the increased access to customer account information afforded by PSD2, exposure to cyber-attacks, data breaches and resulting fines is potentially even greater.
Our cyber cover will protect you against any legal and compensation claims that could follow a breach, as well as system rectification costs, PR and crisis management expenses and financial loss due to system downtime and business interruption. Plus our policy covers all of the enhanced data security requirements that PSD2 imposes around fraudulent or non-authorised use and access to your client's account information.
With Digital Risks, there's no need to obtain a separate crime policy. Our dedicated PSD2 cover has crime protection available as standard.
That means you'll be covered where there is theft of your own funds, or any client money that you are responsible for (by electronic and physical means).
Fines and compliance
With new regulation comes new responsibilities and greater exposure to fines and penalties.
That's why our PSD2 professional indemnity insurance (PII) will protect you against regulatory investigations and defence costs, as well as any penalties that are legally insurable.
Same goes for the upcoming GDPR legislation, which brings with it fines of up to €20m or 4% of annual turnover.
Find out everything you need to know about GDPR.
Why Digital Risks?
Having partnered with many of Europe’s fastest growing digital businesses, we know the latest technologies, emerging risks and challenges they face. Our expert team will advise you on how to protect your venture in an increasingly changing and fast-paced environment.
Our unique methodology gives us a detailed picture of the risks you face. This enables us to design insurance solutions around your business and negotiate the best possible terms with underwriters on your behalf.
We’re part owned by Beazley, a global insurer which underwrites over $2.5bn of insurance premiums annually and has handled more than 8,500 data breaches worldwide. We’re also a coverholder at Lloyd’s, the world’s leading insurance market for specialist risks.
What our customers say
We had a breach and the insurance and legal support we got was invaluable. Digital Risks walked us through the whole thing including media and customer relations.
Founder, ID verification software
It was very quick and easy to claim. Our account manager replied within minutes, confirmed the details and we had the money in our account within 48 hours.
COO, HR technology platform
Cyber security risk management framework
To effectively protect your business from cyber-attacks and data breaches, you must first identify the biggest threats and vulnerabilities you face.
Fintech startups to watch in 2019
Here’re our top 6 hottest Fintech startups that Digital Risks are tipping to thrive in 2019. We’ve taken a look at Truelayer, Monese, PensionBee, Akoni, Tail and the Craft Gin Club.
Going global - What to think about when expanding abroad
With UK customers happy to shop beyond our shores, it follows that UK businesses must also look further afield to expand their reach and growth potential. And in the digital age it’s easier than ever, with much lower barriers and overheads involved. So, where do you start?
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 security with Standard & Poor's A-rated financial strength or higher. This means the insurer 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