Cyber Insurance

Cyber Risk Insurance should be tailored to your business or non-profit cyber security risks to ensure you get the coverage you need. Most policies will provide you with first and third-party cover for financial and reputational costs.

This could include the costs for:

• Cyber attack investigation
• Recovering lost data
• Restoring your networks and systems
• Compensation claims from third parties
• Notifying third parties
• Loss of income during downtime
• Rapid incident response services
• Recovery support

Business and charity Cyber Liability Insurance can also provide your business with additional support services, if needed. For example:

• Resiliency planning
• Security consultancy
• Risk management
• IT forensic services
• Legal assistance
• Public relations support
• Cyber incident response
• Notification of third parties support
• Theft of personal money

In terms of what isn’t covered, it is important to be aware that most EU Member States won’t allow insurance for punitive regulatory fines, such as for GDPR breaches.

If your business, charity or non-profit handles or stores information digitally, relies heavily on IT, or regularly processes card payments, Cyber Insurance can give your organisation crucial support.

This is because a cyber attack could cause significant damage to your charity or business. For instance, if sensitive information is stolen or lost, it can damage your reputation and you can face compensation claims from customers, volunteers and service users, as well as fines from regulatory bodies.

Cyber attacks including malware and ransomware can also result in significant downtime and be expensive to fix. If your business or charity operates in more than one place, an attack like this can affect multiple sites too – unlike physical threats, a cyber attack can bring a global organisation to a halt.

By having Cyber Liability Insurance in place, you can help to make the recovery process smoother. You can also get additional peace of mind that you will get help for the costs linked to this recovery, as well as technical and expert support if you do not have this in–house.

When you’re running a charity or non-profit, it can be difficult to assign funds to cyber security when the money could go to your frontline services.

However, charities, both large and small, are vulnerable. Cyber criminals do not discriminate in their attacks, which means you could be targeted regardless of your cause or size. Some charity cyber attacks are also the result of suppliers being compromised. Many charities and non-profits rely on other agencies for marketing or handling of payments, for example. If one of these suppliers experiences a cyber attack, you could find that your own systems and data are breached.

As a charity, it is also likely that you have a large pool of part-time staff or volunteers. This can make cyber security difficult to instil in those working for you, which criminals can exploit. In the 2023 Cyber Threat Report: UK Charity Sector, 64% of charities reported that their staff also used their own devices for charity activities. This once again makes your organisation vulnerable as you have less control over the devices’ security.

The financial impact of cyber crime can be very damaging for charities too, and this can affect your ability to deliver your services. With Charity Cyber Insurance in place, you can get support to fix any breaches and limit negative impacts.

To help, we have Charity Cyber Insurance options available that start from £50 (plus Insurance Premium Tax) and have no excess fees, including for expert guidance.

Your Cyber Insurance coverage will depend on your unique business and charity needs.

When researching how much cover you need, it is important to understand what your critical activities and systems are and the nature and possible likelihood of cyber risks. Some industries and charities are more vulnerable than others, so bear this in mind.

You will also need to consider the size of your organisation, your stakeholders, and turnover or funding. This will help to evaluate the possible financial and reputational losses that could occur after a cyber attack.

If this sounds a bit daunting, you don’t need to do this alone. We can discuss these factors with you to help you get the right coverage for your business or charity.

Cyber Insurance for charities or businesses should not be seen as a replacement for a wider cyber security strategy. It should complement your cyber security controls and provide you with additional financial and technical support in the event of a cyber attack. 

When researching Cyber Insurance, it is very likely that insurers will want details of the controls you already have in place. A lack of cyber security in your business, charity or non-profit could lead to insufficient or expensive cover, if you qualify for it at all.

The cost for Cyber Insurance will vary from policy to policy. It will be determined by the size of your organisation, its turnover or funding, and its sector, among other variables.

To give you an idea, standard forms of Cyber Insurance can cost from £50 (plus Insurance Premium Tax, or IPT). More comprehensive policies can start from £200 (plus IPT).

To find out how much Cyber Insurance would cost your business or charity, get in touch with us today.