Despite the advancements in cyber security, according to a report by the Federation of Small Businesseso 66% of all small businesses have been a victim to cyber-attacks,+ this increases to 77% for those operating within the professional, scientific and technical activities sector.
At Aon we recognise the growing risk this imposes on professional firms and individuals which is why we’ve worked with Beazley to create a policy that reflects the requirements and risk profile of this sector.
Standard features of the policy
Information Security & Privacy Liability
Breach Response Services
In the event of a data breach, Beazley will provide a full breach resolution service including expert assistance, crisis management and public relations support to mitigate its impact on your business.
Optional cover available at an additional cost
First Party cover
Covers for cyber extortion payments, the cost of restoring / regaining access to your computer systems and loss income due to cyber business interruption.
Covers you against any direct financial loss that arises from a third party gaining access to your telephone system and using it in an unauthorised manner.
Covers you for the losses resulting from any payments made to someone impersonating a client, vendor or employee that is intended to mislead you.
To be eligible for this policy you must be a professional firm (excluding firms in the legal sector) with annual revenue of up to £5m and fewer than 10,000 records containing personally identifiable information. If you fall outside the criteria please call us on 0333 9203 274 to discuss your requirements in full detail.
* Based on a firm requiring £250,000 of coverage with annual revenue of less than £500,000. Premium includes Insurance Premium Tax (IPT). Excludes £25 administration fee.
o Source: FSB UK- Cyber Resilience Report (https://www.fsb.org.uk/docs/default-source/fsb-org-uk/fsb-cyber-resilience-report-2016.pdf)
+ Cyber and Data Insurance for Professions is arranged by Aon UK Limited and underwritten by Beazley.
Why choose Aon as your Insurance broker?
We are one of the UK’s largest insurance brokers and were ranked 2nd (by brokerage) by Insurance Times in their 2019 report (August 2019).
Dedicated client managers who will be there to assist you from start to finish throughout the customer journey.
Cyber and Data Insurance FAQs
Will this cover help if I’ve been the victim of a ransomware attack?
You would need to take out the optional First Party cover to be insured against any losses, including any payments made to the hacker, as a result of a ransomware attack or other cyber extortion event. You will also be insured against any loss of income due to not being able to access your systems.
Will this policy cover any fines under GDPR?
GDPR fines are not insurable under UK law but the standard liability cover will cover any compensation claims and the breach response service can help reduce fines by mitigating the impact of the breach.
Will this policy cover previously undiscovered cyber-attacks?
This policy will protect you against cyber-attacks and data breaches from when they were discovered rather than when they happened.
Will this policy help if I’ve been the victim of phishing?
Phishing attacks come in many forms with many different outcomes. If the result of the phishing attacks is that you have tricked into paying a fraudulent invoice, you won’t be covered by the standard policy and would need to have taken out the optional fraudulent instruction cover to be protected. If a phishing attack resulted in a hacker gaining access to your systems and stealing customer files, you would be covered as standard under the policy.
Will this policy cover data breaches that are a result of our failings?
You will be covered as long as the cause of the breach does not conflict with the security requirements of the policy agreed at the time i.e. all mobile and portable storage devices must be encrypted. No insurance policy will cover you for breaches that arise as a result of deliberate acts by your firm.