Business Insurance

Cyber Insurance

Cyber Insurance

Safeguarding your business against online risks

Providing business owners peace of mind and protection against cyber-attacks, such as computer hacking, ransomware or data theft.

What do you need to know?

  • Who should consider it?

    Every business that has a website or electronic records is vulnerable to cybercrime or an accidental data breach – and the consequences of a cyber-incident can be very costly.

    Depending on the situation, you may be up for the cost of ransoms or IT solutions to unlock and repair your systems. You could also be liable for the costs of reporting the breach, legal claims, and remediating any losses suffered by your customers or clients.

    Remember, a cyber attack or data breach may cost your business more than just money. It could threaten your intellectual property, put your customers’ personal information at risk and cause major damage to the reputation of your company.

  • What can it cover?

    Cyber insurance can help cover financial losses to your business, your customers and other parties following a cyber security breach.

    This might include costs associated with:

    • Loss of revenue due to interrupted business
    • Hiring negotiators and paying ransom
    • Recovering or replacing your records or data
    • Liability and loss of third party data
    • Defence of legal claims
    • Investigation by a government regulator
    • Copyright infringement
    • Misuse of intellectual property online
    • Crisis management and monitoring
    • Prevention of further attacks

  • What isn't covered

    There are exclusions. There is also often a deductible or excess and limits on cover, so check with your Steadfast insurance broker.

Find a Steadfast Broker

Get the right advice at the right price and have a local Steadfast broker on your team.

Case Study

Cyber criminals don't discriminate

Hackers attack beauty salon

A chain of beauty salons has digital video recorders connected to routers in their stores to protect their property. One night, around 3am, hackers attack these recorders.

The salon appoints an IT consultant to examine the cyber-attack and to protect them against future attacks. 

Thankfully, their cyber insurance policy covers the cost of hiring the IT consultant, so they can get back to business and feel more secure.