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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 cyber insurance experts 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.

Cyber insurance for ICAEW members

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.

Your PI insurance may include cover for cyber security breaches. However, it's unlikely it will be comprehensive enough to protect you from the fallout of an attack. We're here to ensure there's no overlap in cover between your PI policy and cyber insurance policy. You'll be confident you are protected but not paying twice.

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.

ICAEW 1- 4 partners

Working closely with the ICAEW, we have developed a professional indemnity (PI) insurance 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. This protection will minimise the interruption to your business that could lead to loss of income.

Sole practitioners

We understand smaller accountancy practices are often penalised by minimum premium rating restrictions, so we negotiate on behalf of members with low fee incomes. Our ICAEW professional indemnity insurance for sole practitioners gives the right levels of cover you need to protect your business – at competitive rates.

Frequently asked questions

Q
Does a cyber policy insure loss of money from a bank account?
A
No. That’s more likely to be covered by a crime policy. For example, if someone were to hack in to an online bank account, whilst the hacking and data would be covered under the policy, the loss of money wouldn’t be. A crime policy can be introduced to support this cyber solution.
Q
Will a cyber insurance policy only cover data that's held electronically?
A
No. This policy insures all data regardless of how it is stored.
Q
Are there any security requirements we need to apply to our system before we can be insured?
A
As long as you're able to comply with the terms and conditions set out by the insurer, then you can be insured. Our team of experts will work with you to understand the requirements and ensure your business is in good shape.
Q
Isn't cyber security just an IT issue?
A
You might think your IT technicians are ultimately accountable, but everyone in your business has a responsibility to protect your business's core assets. Technology plays a part in your business solution, but it is not the whole solution.
Q
Does cyber insurance cover email fraud?
A
In a number of scenarios, yes. But many types of email fraud can be used to attack your business. Fraud that includes hacking of your email systems will be covered as this is technically a breach.
Q
Why would I need to protect my data if it's saved in the cloud and easy to recover?
A
You may be able to recover your information. But once the hackers have a copy, it's theirs to do with as they please. So your business can continue to run, but the data that's out there could be used for illicit purposes.

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