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 is no longer enough. That is where cyber insurance comes in: providing a safety net for businesses to mitigate the serious financial and reputational risks associated with cyber incidents.

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 0207 977 7842 or email paul.mcnally@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.

Latest Insights

8 Reasons Why Your SME Needs Cyber Insurance 500 334 James Hallam

8 Reasons Why Your SME Needs Cyber Insurance

Cyber insurance is tailored cover for the risks associated with cyber breaches and other forms of cybercrime. A cyber insurance…

read more
James Hallam Open New Cyber & Technology Hub – August 2024 1920 1284 James Hallam

James Hallam Open New Cyber & Technology Hub – August 2024

Seventeen Group broking subsidiary, James Hallam, has opened a new Cyber & Technology Hub at Exeter Science Park. This extends…

read more
Reduce Data Exposure to Cyber Threats 1920 1280 James Hallam

Reduce Data Exposure to Cyber Threats

In our current world, protection against cybercrime is needed more than ever. Cyber criminals will be using COVID-19 to increase…

read more
Cyber & Data Risks Insurance 1920 1280 James Hallam

Cyber & Data Risks Insurance

Each year when completing a review of their insurances, most businesses will look at uninsured exposures with their insurance broker.…

read more
Cyber Security and Fraud in Travel 1920 1280 James Hallam

Cyber Security and Fraud in Travel

James Hallam to support ABTA’s Cyber Security and Fraud in Travel Seminar – Key James Hallam partners and clients receive…

read more
Third party cyber security: pay attention or pay up 1920 1280 James Hallam

Third party cyber security: pay attention or pay up

When ABTA, the UK’s largest travel association, had its webserver attacked, it hit the headlines. No wonder – it had…

read more

Nigel Roberts

Executive Director – Head of London Markets

Nigel started his career with a traditional Marine Lloyd’s Broker in the late 1970s and with a break of 5 years around 2000 when he worked in the UK Commercial Insurance Retail markets, he has spent the rest of his career dedicated to marine insurance and reinsurance clients. The 15 years prior to joining Everard in March 2021 he held positions as Managing Director and Deputy CEO of two Lloyd’s brokers. Nigel has dealt with all classes of the transportation chain and specialises in Hull & Machinery, Protection & Indemnity and water’s edge industries including Ports, Terminals, Shipbuilding and repair yards.

T: 0207 977 7841
M: 07518 913404
nigel.roberts@everardinsurance.co.uk

Justyn Lemar

Marine Trades Division Manager

Justyn started in the Insurance Industry in 1998 as a general insurance broker before progressing into an account executive. Between 2003 and 2007 he broadened his insurance knowledge and took up an underwriting role. Justyn joined Everard insurance brokers in 2014 as an account executive and was appointed Marine Trades manager in 2017. He specialises in Marine Property & Plant, Marine Engineering, Marine Equipment, Marine Liabilities, Marinas & Harbours. Underwriting renewals and new business for our retail division including referrals. He manages and provides insurance solutions for wholesale brokers. Justyn has overall responsibility for the binding authority and is coverholder on behalf of a leading Marine Liability Lloyds syndicate. Justyn services marine trade clients in the UK, EU and Internationally.

T: 01732 224698
M: 07837 006962
justyn.lemar@everardinsurance.co.uk

Brendon Ladner

Marine Small Craft Division Manager

Brendon has worked in the insurance industry since 2013 when he started at a national brokers servicing private clients. Brendon then went onto work for a local broker in 2016 who specialised in marine insurance, predominantly small craft. Having lived near to the Fishing Port of Newlyn his whole life, Brendon grew up with a passion of the fishing industry and so the new role seemed a perfect fit due to the amount of fishing boats insured. This broker was acquired by James Hallam, the parent company of Everard in May 2021 and combining the knowledge of the two companies was fundamental in creating a new Small Craft Division which Brendon now heads up. His team will look for quotes on any vessel including private & pleasure, fishing, any other commercial, both in the UK and Internationally.

T: 01736 805004
brendon.ladner@everardinsurance.co.uk