Cyber insurance can help protect businesses from a range of cyber events, including ransomware attacks, privacy breaches, and incidents caused by human error. Depending on the policy, cyber insurance may help with legal fees, defence costs, data recovery, privacy liability, incident response, and support from public relations specialists. It may also help businesses recover from a security failure or cyber crime event involving social engineering. Our policies offer comprehensive coverage, including regulatory defence, fines, and penalties, which are not solely triggered by a data breach.
Recent statistics show that around four in ten UK businesses (43%) experienced some form of cyber attack or security failure in the last 12 months. This underlines that businesses of every business size are being targeted by cybercriminals, not just large organisations.
To address this, we’ve developed a specialised cyber security insurance for small business to medium enterprises, tailored to the needs of SMEs. It is designed for businesses that use technology to operate and need cyber insurance to protect their operations, people and reputation. This solution offers a comprehensive range of benefits, including:
- efficient quotation delivery;
- enhanced market wording;
- competitive pricing;
- and complementary risk management and cyber incident management solutions.
Cyber insurance can help cover the time, money and expertise needed to recover from a cyber attack. It can support businesses facing financial loss, lost income, legal fees, defence costs, data recovery and other costs resulting from an incident.
Not sure what to do next?
Many of our clients didn’t know where to start either. We work with our insurer partners to arrange a cyber insurance policy that is right for you, helping you understand how much cyber insurance you need. Simply call us or get in touch, and we’ll call you.
- Available to all UK businesses
With annual revenues up to £50 million.
- Competitive coverage
Secure up to £10 million in limits.
- Value-added services
We provide cyber incident management (CIM) and risk consultancy services to support prevention and response to a cyber threat or incident. This can include access to IT experts and professional services to help restore operations after a breach. Other risk management services may be available within your quoted insurance premium or provided as a bursary.
Enhanced cyber security and business insurance cover
To help you combat the evolving cyber risk landscape and the increasing threat from cyber criminals, we’ve negotiated better coverage options for our clients, which would be difficult to find elsewhere. Cyber attacks can affect your computer system, IT systems, wider systems, and valuable digital assets, as well as expose sensitive data, client data and other commercial information. These coverage elements include, but are not limited to:
Proof of loss sublimits
To assist insureds in providing an accurate account of loss following a business interruption event.
Enhanced cyber crime sublimits
Including fraudulent transfer of funds, telephone fraud, and cryptojacking which are not commonly available in the open market on cyber policies.
Regulatory defence, fines, and penalties
Comprehensive cover that is not solely triggered by a data breach, providing extra protection. This can include support for privacy liability exposures and related response costs.
Other enhancements include: restricting exclusions, reduced conditions precedent language, and extended indemnity periods for business interruption events.
Business risk management add-ons
Optional risk management and loss prevention services which could be included within the premium or provided as a bursary.
The cyber insurance process
Step 1 Assess
Speak to an adviser or our Cyber team to complete our risk assessment form. Insurers value this questionnaire and will reward completion by offering enhanced terms and premium savings.
Step 2 Advise
Following completion of the assessment your information is securely sent to our panel of facility insurers who will provide a quotation.
We compare the cyber insurance quotes and provide you with a comprehensive comparison of coverages and risk consultancy services.
Step 3 Act
Accepting the quote – but this is not the end. At Marsh Commercial we are committed to helping you on your cyber resilience journey.
Our team is available to provide ongoing guidance, assist with implementing cybersecurity measures, and offer professional support to align your incident management approach.
Not sure what to do next?
Many of our clients were unsure about how cyber insurance works or where to start. We work with our insurer partners to arrange cyber insurance cover that is truly right for you. Simply call us or get in touch and we’ll call you.
Frequently asked questions
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Cyber insurance is a specialised insurance policy designed to protect businesses from the financial impact of cyber events, such as data breaches, ransomware attacks, and other cyber threats. Given that 50% of UK businesses experienced a cyber attack in the last year, having cyber insurance can help safeguard sensitive customer data and cover legal costs associated with privacy breaches.
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The cost of cyber insurance can vary based on several factors, including your annual turnover and the specific coverage options you choose. At Marsh Commercial, we work with our insurer partners to provide competitive pricing and tailored solutions that meet the unique needs of small to medium enterprises.
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Certain industries, particularly those that handle sensitive customer data or have higher exposure to cyber threats, can greatly benefit from cyber insurance. Our policies are available to all UK businesses with annual revenues up to £50 million, ensuring that a wide range of sectors can access the protection they need.
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In addition to coverage, our cyber insurance policies often include value-added services such as cyber incident management (CIM) and risk consultancy services. These services support businesses in preventing and responding to cyber threats, enhancing their overall network security.
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Yes. Strong controls, such as anti virus software, regular backups and staff awareness training, can reduce risk. In some cases, businesses with stronger cybersecurity measures in place may also be able to negotiate better premiums or terms.
In addition to coverage, our cyber insurance policies often include value-added services such as cyber incident management (CIM) and risk consultancy services. These services support businesses in preventing and responding to cyber threats, enhancing their overall network security.
