Cyber Insurance

Trust leads to more trust

James Hallam is an independent Lloyd’s broker with a dedicated team of experienced insurance professionals who care about protecting your business.

Trust leads to more trust

James Hallam is an independent Lloyd’s broker with a dedicated team of experienced insurance professionals who care about protecting your business.

Cyber insurance

“In our digital age, where data breaches, ransomware attacks, and phishing scams are increasingly common, having a robust and proactive cybersecurity strategy is crucial — but it’s no longer enough. That’s where cyber insurance comes in: providing a safety net for businesses to mitigate the serious financial and reputational risks associated with cyber incidents.”

Stephen King
Director of Cyber & Technology Risks

Cyber insurance is a specialised insurance product designed to provide financial protection to businesses in the event of cyberattacks, data breaches, or other cyber-related incidents.

Common types of cyber threats

  • Malware attacks: Malicious software, or “malware,” is designed to disrupt, damage, or gain unauthorised access to computer systems. Malware can be used to steal data, damage files, hold systems hostage for ransom, or compromise system integrity.
  • Phishing attacks: Phishing involves fraudulent emails, messages, or websites that impersonate trusted entities to trick victims into revealing sensitive information. This type of attack can lead to identity theft, financial fraud, or unauthorised account access.
  • Ransomware attacks: Ransomware encrypts a victim’s files or entire systems and demands a ransom for decryption, which can lead to data loss, business disruptions, and financial losses.
  • Password attacks: Password attacks involve attempting to guess, steal, or crack passwords to gain unauthorised access to accounts. They can lead to unauthorised access, data breaches, and account takeover.
  • Internet of Things (IoT) attacks: Attackers compromise IoT devices, such as smart cameras and appliances, to gain control or exploit vulnerabilities. This can disrupt connected services, compromise privacy, and enable attacks on other systems.
  • Social Engineering attacks: Social engineering manipulates human psychology to deceive individuals into divulging confidential information or performing actions. These attacks can lead to data breaches, fraud, and unauthorised access.
We are here to help.
Call us on 07514 496153 or email stephen.king@jameshallam.co.uk

What does cyber insurance cover?

Cyber insurance covers a range of risks associated with cyberattacks and data breaches. This typically includes costs related to data recovery, legal fees, customer notification, public relations efforts to manage reputation damage, and compensation for business interruption. Some policies also cover extortion payments in the event of ransomware attacks, as well as the cost of investigations and regulatory fines that may arise from a breach.

Who needs cyber insurance?

Cyber insurance is essential for any business that handles sensitive data, such as customer information, financial records, or intellectual property. Small businesses, in particular, can benefit from cyberinsurance since they often lack the resources to recover from a cyber attack. Organisations in industries like healthcare, finance, retail, and technology are especially vulnerable to cyber threats and should consider a robust cyber insurance policy.

How to choose the right cyber insurance for your business

To choose the right cyber insurance for your business, start by assessing your specific risks and vulnerabilities. Consider the types of data you handle, your cybersecurity infrastructure, and potential financial losses from a cyber incident. Look for policies that offer cover tailored to your needs, including protection against data breaches, business interruptions, and legal liabilities. It’s also important to work with a reputable insurer that understands your industry and can provide expert guidance on risk management and claims handling.

Meet your team leaders

Stephen King

Director of Cyber & Technology Risks
M: 07514 496153
Email Stephen

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Steve King

Director of Cyber & Technology Risks

M: 07514 496153
stephen.king@jameshallam.co.uk

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