Cyber Insurance in London

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Cyber Insurance in London With Oracle RMS

In the insurance world, cyber insurance stands out as a relatively new product with significant benefits. The risk of cyber attacks is increasing year after year for organisations of all sizes and industries. Suddenly, cybercrime is more prevalent than ever, and it’s not just the major players who are victims of data breaches and other cyber security issues. Virtually all businesses use technology in some way, shape, or form.
How do we tackle this epidemic? Enter London cyber insurance. Cyber insurance is designed to shield organisations and their vital data against loss, ensuring that they may be kept solvent even when the worst happens. Read on to learn more about why cyber insurance is a great supplement to your existing business insurance and cyber security protocol. Or, if you’re ready to begin, get a free cyber insurance quote in London by clicking below.

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Cyber Insurance in London

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#1 Cyber Insurance in London with Oracle RMS

Our purpose here at Oracle RMS is to do everything within our power to aid our London commercial clients and help them get the coverage they need. Everyone’s scenario is different, and because cyberspace is such a fluid realm, we recognize the necessity for tailored insurance. When our customers choose Oracle RMS, they are always satisfied.

Oracle RMS FAQ:

What does cyber insurance actually cover?

Cyber insurance in London may cover a couple key areas. Policies will always vary (since no one insurer is the same) – but the list below highlights some commonalities between policies.

  • Data breaches: Any costs resulting from data breaches, such as notification, credit monitoring services, legal expenses, and investigation may be covered.
  • Cyber extortion: Cyber insurance can cover the expense of ransomware or extortion attempts in which a cyber criminal demands payment in exchange for the release of data/restoration of infected systems.
  • Asset restoration: If your digital assets, such as data or software, are damaged or compromised as a result of a cyber incident, cyber insurance can cover the expenses of data recovery, asset restoration, and system repairs.
  • Network security liability: Any costs coming out of claims arising from unauthorised access, unauthorised use of data, or transmission of malware to third-party computer systems may be covered.
  • Regulatory fines and penalties: Your policy may include coverage for fines and penalties imposed by regulatory authorities due to non-compliance with data protection and privacy regulations.
  • Cyber crime and fraud: Your insurance may cover financial losses incurred as a result of fraudulent electronic funds transfers, social engineering assaults, and other cyber-related crimes.

Cyber insurance in London is not a standalone policy, but rather it works in conjunction with other existing policies, i.e. errors and omissions, business interruption, commercial general liability, and so on. We recommend that you enlist a broker to look over your policy with you to make the most sense of your coverage.

What does cyber insurance not cover?

Cyber insurance varies in what it covers as a new offering that comes with a variety of different benefits depending on the exact insurer. However, it typically has exclusions and limitations – as with any insurance policy. Some common areas that cyber insurance won’t cover include:

    • Prior acts/retroactive dates: Coverage won’t extend to events that occurred prior to the policy inception/retroactive date.
  • Intentional acts: No insurance policy will cover losses resulting from intentional acts, fraudulent activities, or illegal actions.
  • Know vulnerabilities: Cyber insurance policies can exclude coverage for losses resulting from known vulnerabilities that an organisation failed to address.
  • Intellectual property disputes: Usually, disputes related to intellectual property rights, patent infringement claims, or copyright will be excluded from coverage.
  • Physical damage: Cyber insurance is designed to cover your liability against cyber attacks, not your physical property. You will need a commercial property policy for that.
  • Regulatory non-compliance: Any penalties and fines resulting from non-compliance with regulatory requirements, such as data protection or privacy laws, may not be covered.

Still, review the terms, conditions, and exclusions of your policy to assure you are confident you have the right coverage and you know all of what is covered/what is not. Seek additional support if you feel unsure about your coverage or have questions.

Is cyber insurance worth it?

In London, cyber insurance is well worth the cost. Today’s business landscape is becoming increasingly networked, and as a result the possibility of cyber threats has become ever present. The potential financial and reputational harm that could arise from a cyber attack could be disastrous – for any firm. Having cyber insurance offers your business an important safety net, in addition to expert assistance in the event of a data compromise or breach. Cyber insurance greatly helps to cover the costs of minimising incidents, investigating, alerting impacted parties, dealing with prospective litigation, and managing legal bills. 

What is the difference between cybersecurity and cyber insurance?

While cybersecurity focuses on prevention and defence, cyber insurance acts as a safety net, providing financial support and resources to help organisations recover and manage the aftermath of a cyber incident.

Cybersecurity and cyber insurance are both crucial aspects of managing and mitigating cyber risks, but they serve different purposes. Cybersecurity focuses on implementing measures and practices to prevent, detect, and respond to cyber threats, aiming to protect an organisation’s digital assets and infrastructure. It involves implementing firewalls, encryption, access controls, and other technical safeguards to secure systems and data. On the other hand, cyber insurance serves as financial protection in the event of a cyber incident.

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Reach out to us today for a free cyber insurance quote in London, Ontario. For any further questions, please contact us directly and we will be happy to answer them.

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