Products & Services
Cyber Insurance
What is cyber insurance?
What are the risks?
The right Cyber Insurance programme will protect and provide cover against the following key risks;
Ransom Demands
Hackers who will steal your data and demand a ransom not to release it.
Fines & Penalties
Fines and penalties that you as a business will incur if assessed as non-compliant on data protection or privacy.
Viruses
Viruses that shut down IT systems – and cover for the lost income of the business during the downtime whilst systems are being restored.
Loss of data
Accidental loss of data – followed by legal action by customers against the business.
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 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:
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- 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?
- 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;
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- 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:
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- 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