Products & Services

Cyber Insurance

What is cyber insurance?

Cyber insurance will keep you trading by covering the exposures of the business where technology and digital systems are relied upon for its day-to-day activities. Cyber insurance covers the costs and provides the specialist help required to manage any cyber-attack, assisting the business with protection against business interruption, privacy breaches and cybercrime risks. In a nutshell, Cyber Insurance will protect the business, its commitments to customers and employees if your systems are attacked or breached.

What are the risks?

The right Cyber Insurance programme will protect and provide cover against the following key risks;

Ransom Demands

Ransom Demands

Hackers who will steal your data and demand a ransom not to release it.

Fines & Penalties

Fines & Penalties

Fines and penalties that you as a business will incur if assessed as non-compliant on data protection or privacy.

Virus

Viruses

Viruses that shut down IT systems – and cover for the lost income of the business during the downtime whilst systems are being restored.

Data Loss

Loss of data

Accidental loss of data – followed by legal action by customers against the business.

Multimedia

Multimedia Liability

Protecting your business if sued as a result of information on your website or multimedia channels. Examples include breach of copyright, libel or slander, plagiarism or defamation.

Financial Crime

Financial Cyber Crime

Protection against the theft of money, credit, securities or other property of value through fraudulent digital means – transferring money to a criminal, sending access credentials, or having money theft.

Who needs cyber insurance?

A cyber insurance policy is worth considering if your business does any of the following:

    • Holds sensitive data i.e. customer names, addresses or bank details
    • Relies upon IT systems or websites to conduct their business
    • Processes payment card information

Why businesses should act now?

Property Owners Insurance
  • Businesses losing data from May 2018 under GDPR (General Data Protection Regulation) can face fines of up to 4% of annual global turnover or £20M (whichever is greater) for businesses that do not adequately protect customer data.
  • The Government has confirmed that the UK’s decision to leave the EU will not affect GDPR. In the USA, the introduction of stronger data protection legislation and requirements was the tipping point for the growth of cyber insurance and most market commentators believe the UK will follow the same path. At present, 90% of the £2 billion global expenditure on cyber insurance is in the US marketplace, however, according to PWC, this was expected to treble by 2020, due to growth in the UK and Europe.

How Wheatley’s can help

Wheatley’s Cyber Insurance offering can provide peace of mind and assist quickly to;

    • Advise what to do if your business was attacked
    • Help manage and communicate with customers and employees
    • Provide access to dedicated specialists on hand to provide help and advice when you need it and who will deal with regulatory requirements to get your business back up and running again – fast

We offer:

    • Friendly help and guidance
    • Low premiums – these vary dependant on business size and cover limit but can start from as little as £262.00 per annum
    • No complicated proposal forms required
    • Quick quotes and variable cover limits
    • Immediate cover available