What is Cyber Liability Insurance?

These days the majority of businesses, no matter how big or small they are, rely heavily on the digital world, the internet and computer software all of which are open to hacking and viruses which could breach their security and steal important, sensitive data. That is where Cyber Liability Insurance, or Cyber Security Insurance as it is also known, comes in.

In recent years there have been many high-profile cases involving a cyber hack with firms such as Uber, Pizza Hut, Yahoo and Deloitte all falling victim to a breach of online security.

Cyber Liability Insurance

What is Cyber Liability Insurance?

Cyber-crime is amongst the quickest growing category of organised crime in the world. According to last year’s Cyber Security Breaches Survey, 37% of all UK businesses suffered at least one cyber security breach or attack in 2017.

Cyber Liability Insurance is used to guard your business against these internet threats such as a cyber-crime hack. Cyber Security Insurance can also help you to recover any costs you suffer should any of these cases happen. A Cyber Liability policy from Rigby Financial can be tailored to suit the specific needs and requirements of your business.

What does Cyber Security Insurance cover?

Any successful break into your firm’s online security could see cyber criminals steal and use any of the following:
• Your customer database
• Confidential customer details like payment information and bank details
• Valuable employment data such as NI numbers
• Intellectual Property
• Digital and/or Cloud stored data
• Social Media accounts passwords and logins

Why is Cyber Liability Insurance important?

Your employees can take numerous steps to reduce the risk of an online security breach but that doesn’t mean that you don’t need Cyber Security Insurance.

The actions your staff can take to prevent an attack happening include making sure your staff are regularly trained and up to speed when it comes to identifying the latest online threats and using secure passwords and logins on all hard drives. Worryingly, human error is behind many cases of a cybersecurity breach, where in effect the door has been left open for online intruders by accident. This is why it is paramount to make sure your staff are familiar with suspect emails and risky software, for example.

You can also install doors which requires a pass or card to gain entry which will lower the chances of the theft of devices which could then lead to hacking.

While all of these things can lower the potential of a hack, you still must consider Cyber Liability Insurance to be important to your business because in the case of any breach you will be able to recover any financial repercussions that you suffer, any loss of data or sensitive information.


Rigby Financial can provide more details regarding the multitude of insurance types we offer. Contact us today!