Cyber Liability Insurance - from Edison Ives

Cyber Liability Insurance

As technology becomes increasingly important for successful business operations, the value of a strong cyber-liability insurance policy will only continue to grow. The continued rise in information stored and transferred electronically has resulted in a remarkable increase in the potential exposures facing businesses. Regulations such as the General Data Protection Regulation (GDPR) must also be considered, because a loss of sensitive personal information may subject you to fines and sanctions from the Information Commissioner.

In an age where a stolen laptop or hacked account can instantly compromise the personal data of thousands of customers, protecting yourself from cyber-liabilities is just as important as some of the more traditional exposures businesses account for in their general commercial liability policies. Call today on 0113 3904646.

What is Cyber Liability Insurance?

A traditional commercial insurance policy is extremely unlikely to protect against most cyber-exposures. Standard commercial policies are written to insure against injury or physical loss and will do little, if anything, to shield you from electronic damages and the associated costs they may incur. Exposures are vast, ranging from the content you put on your website to stored customer data. Awareness of the potential cyber-exposures your company faces is essential to managing risk through proper cover.

As reliance on technology continues to increase, new exposures continue to emerge. As your business grows, make sure your cyber liability insurance cover grows with it. Edison Ives is here to help you analyse your needs and make the right cover decisions to protect your operations from unnecessary risk. For more info email Edison Ives.

The Threats

Data breaches – Increased online consumer spending has placed more responsibility on companies to protect clients’ personal information.

Business/Network Interruption – A cyber issue that cripples your IT could cause you or a third party that depends on your services, to lose revenue.

Intellectual property rights – Your company’s online presence, whether it be on your website, blogs or social media, opens you up to exposures such as libel & copyright infringement.

Damages to a third-party system – If an email sent from your server has a virus that crashes the system of a customer or the software your company distributes fails you could be held liable for the damages.

System Failure – A natural disaster, malicious activity or fire could all cause physical damages that could result in data or code loss.

Cyber-Extortion – Hackers can hijack websites, networks and stored data, denying access to you or your customers.

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Defining, Identifying and Limiting Cyber Crime

Types of Computer Intrusions

  • Viruses – A virus is a tiny piece of software that attaches itself to a program on your computer. From there, it can attach itself to other programs and can manipulate data. Viruses then quickly spread from computer to computer, wreaking havoc. Email viruses became a popular method for hackers to infect computers in the late 1990s. These early viruses were triggered when a person downloaded an infected document. When the document was opened, the virus would send that document to the first few recipients in the person’s email address book. Some email viruses were so powerful that many companies were forced to shut down their email servers until the virus was removed.
  • Worms – A worm is a computer program that copies itself from machine to machine, using a machine’s processing time and network’s bandwidth to completely bog down a system. Worms exploit security holes in software or operating system, spreading very quickly and doing a lot of damage to a business.
  • Trojan horses – Common in email attachments, Trojans hide in otherwise harmless programs on a computer and, much like the Greek story, release themselves when you’re least expecting it. And also like the story, the computer user has a part in letting the Trojan into the system. Trojans differ from viruses in that they must be introduced to the system by a user. A user can knowingly or unknowingly run an .exe file that will let a Trojan into the system.
  • Spyware – Spyware can be installed on a computer without the user ever knowing it. Spyware is used by hackers to track browsing habits or, more importantly, collect personal information such as credit card numbers and bank details.
  • Logic bombs – Logic bombs are pieces of code that trigger upon the happening of an event. For example, a logic bomb could be set to delete all the contents on a computer’s hard drive on a specific date. There are many examples of disgruntled employees creating logic bombs within their employer’s computer system. Needless to say, logic bombs can cause serious damage to a company’s digital assets.
  • Denial of Service (DoS) and Distributed Denial of Service (DDoS) Attacks – DoS and DDoS attacks are used to send an overwhelming amount of data to a target server, rendering that server useless. A hacker does this by gaining control of a number of computers and then sends a large amount of data to a target server that it can’t possibly handle. The result could be thousands or millions of pounds in lost sales for an online retailer.

Limiting Intrusions

  • Firewalls – Firewalls are pieces of software that control the incoming and outgoing network traffic on a computer system. Most computer operating systems now come with a preinstalled firewall for security. While they are not the be-all end-all of preventing intrusions, they are a reliable start.
  • Routers – Routers are  hardware that keep unwanted traffic out of a computer system. They differ from firewalls in that they are standalone devices that must be bought separately–they are not included in an operating system.
  • Antivirus programs – Antivirus software is designed to catch and eliminate or quarantine viruses before they can harm a computer system. Antivirus software runs in the background to ensure your computer is protected at all times. While they are updated frequently, they may not catch the newest viruses that are floating around.
  • Policies – Every company should have policies in place to educate employees on the dangers of computer intrusions and ways to prevent them. Make sure your employees know not to open, click on or download anything inside emails from untrusted sources. Employees with an intimate knowledge of the company’s computer network should also be alerted of the potential consequences of hacking into the system.
  • Common sense – Everyone claims to have it, but if that were actually the case, many viruses, worms and Trojans would cease to exist. The simple fact is that everyone in the company needs to exhibit some common sense when using a computer. Encourage employees to disregard emails with subject lines and attachments that seem bogus or too good to be true.

To discuss your insurance needs please call today on 0113 3904646, or visit our Contact Us page.

A Little Bit About Us

Getting a quote from Edison Ives

To source the cyber liability insurance quotation, we just need to understand a bit more about you and your business. We will then go about obtaining quotes, and then provide you with the best solution. In addition, we won’t just source insurance, we are there to act as your business insurance consultant, and support your business where possible. If you are happy with the quote you can pay there and then, via BACS or by taking out instalments and spreading the payments out over 6 or 10 monthly payments.

Who are Edison Ives?

At Edison Ives we’ve built up decades of experience and a network of cyber liability insurance underwriter contacts. We have access to ‘broker only’ markets, niche markets, major markets, and specialist underwriting agencies. As we’re not tied to anyone, or owned by a big corporate, we use the markets we choose, meaning we go where we feel is best for you.

We’re an independent business, supporting other independent businesses. We’re a ‘different’ kind of insurance broker and we passionately support other small and medium sized businesses wherever possible. We protect your business as if it was our own.

When you deal with Edison Ives you will get a dedicated account manager. This will be the same person that arranges your quotation, speaks to you at renewal and should the worst happen co-manage your claim. All our account managers have a cap on how many clients they deal with to ensure that that personal service is never lost. We are proud members Bluefin Network and BIBA. To discuss your insurance needs please call today on 0113 3904646, or visit our Contact Us page.

Our Clients Rate Us

Over the Moon

I was referred to Edison Ives by the British Insurance Brokers Association and Tony was able to find an insurer that reduced my landlord cover from over £1300 to £495. I was over the moon and Tony made it all easy and straightforward. I would have no hesitation in recommending them to others.

Marcus Whawell Landlord
Right to Manage Insurance

As leaseholders we took the rights to manage our own flats. Not knowing anything about what needs to be done, Edison Ives (Tony) was of very good advice and guidance in taking out a building insurance for our flats. Clearly the personalised and trustworthy approach made us decide to work with them (as well as the money they made us save). I would highly recommend them to anyone taking on their rights to manage! Thanks.

Leib Nicholas Right to Manage Leaseholder
Solved the problem at a good price

I had a lot of problems trying to insure my rental new build flat, these guys were very courteous and solved the problem for me at a good price.

Sam W Property Owner
Absolutely Five Star!

I found Edison Ives while searching for home insurance which would provide cover for a house which shares the property with a home-based boarding kennel business. Tony was able to find me a very competitive package, and walked me through the whole process step by step. Tony could not have done more to help me, and for a new-start business his help and advice was invaluable. Absolutely Five Star!

Sarah Grint Boarding Kennel Owner
Exceptional Service

Customer service exceptional. Thanks to Edison Ives we got a competitive price for our block of flats insurance. Following that we had a claim and Ged helped us with this from start to finish. I would highly recommend.

Bridget McKinnon Property Owner
Really very helpful

Really very helpful. After having a claim in 2016, our premiums were extremely high. Edison Ives have found us a higher policy at a cheaper rate that our previous insurers.

Anonymous Fish & Chip Shop Owner
Who knew insurance could be fun?!

Ged gave me comprehensive advice in simple English and I now feel reassured that I have the right cover at the right price. He understands me and my business and is a joy to deal with. Who knew insurance could be fun?!

Ellan Campbell-Swann Owner - PR and Events Agency
Easy to deal with and professional

Very easy to deal with and very professional. So much better than dealing with the massive impersonal call centres, and Edison Ives still came back with a better premium. As with all insurance, it's not the buying but the claims process that's important. I get the feeling that should a claim be necessary they will do everything possible to support.

T.J. Property Owner - Residents Association Chair
A Trusted Insurance Partner

As the Director and owner of Edmonds Recruitment, it was essential to me to be able to find a trusted insurance partner to help me find the right Business Insurance that worked for me and my industry. I highly recommend using Edison Ives and specifically Tony Suryavansi. He will take the time to listen and answer any questions you may have about your policy and should you need him in the future, Tony makes himself readily available for ongoing advice.

Kath Edmonds Recruitment Director
Saved me £100s

Excellent service. They saved me 100s of pounds on my building insurance policy!

Harjoth Sekhon Property Developer
Really impressed

I was really impressed with Edison Ives. They bent over backwards to arrange our business insurance. Nothing was too much trouble for them and they were a pleasure to deal with.

Richard Gould Property Investor
Really Helpful

I can highly recommend Edison Ives. They have got me a really good price on my restaurant insurance and been really helpful throughout. Thanks a lot, I'll be moving all my insurance to them this year.

Tom Restaurant Owner
Made it simple

I find insurance documents long, complex and full of jargon. Thankfully Edison Ives' picked out the key points and communicated them clearly.

Amarjit Builders merchants
Thanks

I had been with my broker for a number of years and I never realised I was paying more than I needed to. Edison Ives went through my existing policy, highlighted that I was under insured, and then they managed to source a new package that provided a lot more cover at a similar price.

Cieran Surveyor