Cyber insurance for ICAEW members

Cyber insurance for ICAEW members

As an accountant and an ICAEW member, we understand that you're an expert in your field, providing a professional service. Your business's reliance on technology will have undoubtedly grown in recent years: from the increased use of mobile and the web to collecting and storing client data. However, with this increased use of technology, your business faces a higher risk of cyber-threats. It's essential to have the right cyber liability insurance in place that offers the necessary protection.

Here at Marsh Commercial, we're the exclusive appointed insurance broker for ICAEW members professional indemnity (PI), office and cyber insurance. We can arrange cover that gives you and your business peace of mind.

• Response
  Our cyber liability insurance reacts as soon as we're aware of an incident. Your liabilities on media, data security, viruses, and hacking will all be covered.
• Rectify
  As well as your initial liabilities, any costs relating to customer notifications, credit monitoring and legal fees will also be covered
• Reputation
  In addition to hiring forensic support to identify the root causes of your cyber-related security incidents, the cost of PR consultants can also be covered. This may be necessary to manage any external communications and protect your brand's reputation.

How our dedicated team can help you

Here at Marsh Commercial, we're the exclusive insurance broker for ICAEW members’ PI, office and cyber insurance. We've been arranging insurance solutions for members for 14 years, managing more than 4,300 policies.

From sole practitioners to firms of five or more members, we take time to understand the risks you face in accountancy and advise how to manage them. We're here to make sure you have the right cyber insurance to protect you and your business.

What does cyber insurance cover you for?

Working closely with the ICAEW, we developed a cyber insurance policy that protects members from the specific cyber threats chartered accountants face. Whether you are a sole practitioner, work for a small practice or a large firm, we're here to protect you.

Cyber insurance for ICAEW members includes cover for:

Regulatory defence and penalties

Payments you're legally obliged to pay, resulting from:

• civil regulatory action
• regulatory compensatory award
• civil penalty or fines (as insurable by law) imposed by a government or a public authority regulator
• cyber extortion – expenses incurred by you and your business, including the cost of any ransom paid for terminating a cyber-extortion threat.

Data breach notification

• The cost of consumer notifications following a data breach to comply with data breach law, including:
• legal fees
• costs of sending and administering notification communications
• costs of call centre services to respond to enquiries and queries following a notification communication.

Business interruption

Loss of business income due to:

• total or partial interruption
• degradation in service
• failure of information and communication solutions.

Fraudulent representation

Loss of money, property, products, goods, services, or other financial benefits directly resulting from a fraudulent electronic communication designed to impersonate partners, directors, or members.