Cyber Essentials includes £25,000 of Cyber Liability insurance for eligible organisations.
Who is it for?
To be eligible for this insurance policy, organisations must:
- Be certified for Cyber Essentials
- Be domiciled in the UK
- Have a turnover of less than £20,000,000 per annum
- Have opted in for the insurance
If you meet the eligibility criteria, it is important to consider whether you wish to opt in or not as you’ll be asked during the application process.
What’s covered?
The policy covers the following to the limit of the policy liability:
- 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’s not covered?
The policy does NOT cover the following:
- Money stolen by electronic means or cyber fraud.
- Excesses apply: see FAQ
- The £25,000 limit of indemnity might be sufficient for a small breach or incident but inadequate for a serious problem or more than one incident. Higher limits of indemnity are available.
Should I opt in?
Before opting in, you should consider whether the insurance policy is suitable for your business. The value of cover provided by the policy would not be enough to cover costs incurred by most breaches, so it may be that you need a different policy, a greater indemnity limit, or that your existing policy is more suitable.
The cover can also be increased at an additional cost. The insurance is underwritten by AXA XL, and administered via Sutcliffe & Co Insurance Brokers whom you can contact to arrange a quote for increased cover
What’s important is that you understand what the cover gives you. While there is no harm in accepting the policy, we recommend you review the details of the policy to understand what is and is not covered. For example, the policy would not cover you for money stolen via electronic means or cyber fraud.