ICAEW Cyber Insurance
Why do you need cyber insurance?
In a world so reliant on data and information systems, cyber risks are inevitable. Almost every business depends on computer systems in some way, whether it’s customer or supplier data storage, office applications, payroll or email on mobile devices, computers, servers or on websites. As our reliance on technology increases, so too do the associated risks.
Accountants are particularly exposed to cyber-attacks because they hold personal and sensitive client data, as well as valuable financial information that cybercriminals target. These businesses can also be seen as part of the supply chain for those cybercriminals that want to target other companies.
While the risks remain the same, often the vulnerability to threats differs depending on the size of the accountancy practices, from large firms to sole practitioners.
Free cyber risk profile report
As an ICAEW member, you have access to a free online cyber risk profiling tool. This easy-to-use tool will help to give you a better understanding of your business' information and cyber security practices. Powered by a leading UK insurer, QBE, simply answer a series of closed questions and upon submission of your answers, a tailored report will be generated that will help you to improve and maintain your resilience to cyber breaches and attacks.
To create your personal cyber risk profile report, please get in touch with our dedicated ICAEW team of advisers using the contact details below.
What can it do for you?
As the appointed professional indemnity insurance broker for ICAEW members, Marsh Commercial has an in depth understanding of your world and the risks you face. Using this knowledge and experience, we’ve worked closely with ICAEW and leading UK insurer, QBE, to deliver a cyber insurance solution for members, protecting you from the specific cyber threats you face as a chartered accountant.
While your professional indemnity insurance may have some cyber cover, it’s unlikely it will be comprehensive enough to protect you from the fall out of an attack. We make sure that there is no overlap in cover between your PII policy and cyber insurance policy, so you can be confident you are not paying twice.
- Data breach notification: Covers the cost of notifying any affected clients of the data breach.
- Regulatory defence and penalty: Ensures costs of defending any ICO investigation and any fine will be paid if legally insurable.
- Cyber, data security, and multimedia: This covers any allegations of loss from the firm’s customers, including all defence costs.
- Payment Card Industry (PCI) fines: Pays your PCI fines, legal, and investigation costs (limit £100,000).
- Public relations: Pays for PR consultants to minimise damage to your brand and operations of the recruiter consultant and specialist to implement security improvements (limit £150,000).
- Regulatory defence costs cover: Payment for legal and defence costs resulting from a civil regulatory action, regulatory compensatory award, civil penalty, or fines from by a government or public authority regulator.
- Cyber extortion: Payment for reasonable and necessary expenses, including any ransom to terminate a cyber extortion threat.
- Credit monitoring: Payment for credit monitoring services to comply with data breach law.
- Information and communication: The costs for repair, restoration or replacement of computer as well as telecommunication system software and hardware following a hack.
- Claims support: Access to in-house claims support, guiding and advising you every step-of-the-way should you ever need to make a claim.
ICAEW 1-4 Partners
Working closely with the ICAEW, we have developed a professional indemnity insurance (PII) policy that protects members from the specific risks they face as chartered accountants. We currently manage more than 4,300 PII policies on behalf of members.
ICAEW 5+ Partners
As well as being mandatory for ICAEW members, having accountants professional indemnity cover in place to deal with claims is vital to protect your business and reassure your clients.
ICAEW Office Insurance
Having the right office insurance is essential to protect you against damage to your office premises or equipment, minimising the interruption to your business that could lead to loss of income.
We understand smaller accountancy practices are often penalised by minimum premium rating restrictions. Exclusively negotiated for members with low fee incomes, our ICAEW professional indemnity insurance product for sole practitioners offers a competitive solution with the levels of cover you need to protect your business.
Read our latest articles
How insurance schemes, like the ICAEW accountancy scheme, can provide protection against premium increases experienced in the wider insurance market.
To help you navigate your way through purchasing professional indemnity cover, we've given a run down of the key things to consider and the most common differences found in chartered accountants’ professional indemnity policies.
Whether your firm is a new practice or well established, there are many risk factors you may face.
Having professional indemnity insurance (PII) in place is a legal requirement for accountants, but it’s more than just a tick-box exercise – careful consideration is needed when selecting a policy that’s right for the work that you do.
The rapid adoption of new technology in accountancy brings a wealth of opportunities - but does it also bring new risks?