Cyber insurance policies typically cover the expenses associated with recovery efforts, including consulting, legal, and advisory services. Such services can be invaluable, especially when it comes to making critical decisions regarding the handling of ransomware payments. They can offer expert advice and guidance on whether or not to negotiate with cybercriminals, taking into consideration the specific circumstances and potential risks.

Policy wordings change regularly due to the evolving and emerging nature of cyber risks, but insurers typically offer cover for the following:

▶ Privacy Breach Response: This covers the costs associated with a data breach, including notification and credit monitoring for affected individuals as well as forensic investigations and services.

▶ Business Interruption: This covers the losses incurred as a result of a cyber attack that disrupts your operations.

▶ Cyber Extortion: This covers the costs associated with responding to a ransomware attack.

▶ Liability: This covers the costs associated with legal action taken against your organisation due to a data breach. ICO issues penalties and fines for data protection failures.

▶ Crisis Management: This covers the costs associated with managing the fallout from a cyber attack, including public relations and crisis management.

To find out how Access Insurance can help protect you against cyber risks contact us at buy@cscbg.org.uk