Cyber insurance

What is cyber liability insurance?

Cyber insurance can be a tricky product to wrap your head around. The professional indemnity policy we arrange already includes third-party cyber liability for issues like data breaches and transmission of viruses to third-party computers.

So if your client blames you for unauthorised disclosure of sensitive information and brought a claim against you, your professional indemnity insurance would respond.

However, there is also first-party cyber cover we can add to your policy called cyber breach response. This helps you respond to a data breach by notifying the affected individuals and investigating what caused the breach. This product minimises investigations by showing the regulator you have a handle of any incident and aims to respond to the initial investigation within 72 hours, which is a key time stipulation of GDPR.

From:

£7.76/month

Protect your business

Do I need cyber insurance?

Because every professional indemnity policy we arrange includes third-party cyber liability at no additional cost, many freelancers find this sufficient enough for their cyber needs.

However, there are certain professions that handle sensitive information which can carry its own risk. If that’s you it would be wise to consider adding cyber breach response cover.

For example, virtual assistants often store personally identifiable or corporate information. If somebody was to gain unauthorised access to this information, the virtual assistant would be liable under GDPR and Data Protection Act 2018.

Breach notice law requires you to adhere to legislation if you’ve suffered a breach. If you’re uninsured you might be confused about where to start or what to do, but this is exactly what the cyber breach response cover can help you with.

What's the difference between third-party cyber liability and first-party cyber response?

The third-party cyber liability is included by default in your professional indemnity policy. It is triggered if a third-party (your client!) tries to recover damages from you as a result of a data breach or computer security failure.

The first-party cyber response cover is an add-on which starts from £7.76 month. This helps you respond to a data breach you’ve suffered inline with breach notice law.

How does the cyber response policy help?

As soon as you’re aware of a breach, you’d notify the insurer who would provide the following services:

a computer security expert to determine the cause and extent of the breach
notification services to alert affected individuals
credit and identity monitoring for affected individuals
a legal representative to determine the actions needed to comply with breach notice law

Can I add this to my existing policy?

If you want third-party cyber liability and have a professional indemnity policy with us—good news! You already have it. But if you’re interested in the cyber breach response cover you can either add this within the dashboard or get in touch with your policy reference and we can do this for you.