Automatic Insurance Cover
When an organisation with a turnover under £20,000,000 achieves self-assessed certification covering their whole organisation to either the basic level of Cyber Essentials or the IASME Standard, they are automatically awarded Cyber Liability Insurance, terms apply.
Frequently asked questions and answers about the included insurance can be seen here
The cover, underwritten by AXA XL (formerly XL Catlin), a division of AXA and brokered through Sutcliffe & Co, can be briefly described as follows:
What is covered and what services are provided?
Your policy provides the following up to a limit of indemnity of £25,000:
- Liability:claims made against you arising out of media activities and privacy and security wrongful acts.
- Event Management:costs, including emergency costs, following a data breach, including the costs of notifying data subjects. These might typically include payment for Legal, IT, Forensic & PR specialists.
- Extortion Demands:ransoms and other cyber extortion.
- Regulatory Investigations:defence costs & regulatory fines (where insurable by law)
- Business Interruption:Loss of profit and / or operational expenses caused by a network compromise.
- Loss of Electronic Data:costs of remedying the issue that allowed the loss or damage to your data and costs to replace, restore or update your data.
What is not covered?
There is a £1,000 excess (increasing to £5,000 for claims emanating from activities in the USA or Canada) and a six hour Business Interruption excess. Full details of what is and is not covered can be found in your Policy wording, or in brief in the Policy Summary. Your policy does not cover you for money that may be stolen via electronic means or cyber fraud. If you would like insurance to cover these aspects please contact [email protected]or call 01905 21681.