Some of the key exclusions are listed below – for the full list, please refer to the policy wording:
Acts of terrorism, however cyber terrorism would be covered
Loss of money due to fraud or dishonesty of an employee
Failure of the internet, utilities and telecommunications
Errors or omissions in any professional advice or services
Any proceedings or claims brought by a subsidiary, parent or associate company
Misappropriation of trade secrets, licence fee or royalties in respect of intellectual property
Any fine, regulatory or statutory payment or criminal prosecution unless insurable by law
Why cyber insurance should be part of your annual insurance premiums
More than three-quarters (86%) of British small to medium enterprises (SMEs) do not have any cyber insurance in place, according to research by insurer Aviva.
39% of UK businesses have reported a cyber security breach or attack in the last 12 months
26% of UK charities have reported a cyber security breach or attack in the last 12 months
Among those that have identified breaches or attacks, around a quarter (27% of these businesses and 23% of these charities) experience them at least once a week.
A sizeable number of organisations that identify breaches report a specific negative outcome or impact. On average, for those that do, the costs are substantial.
Among the 39 per cent of businesses and 26 per cent of charities that identify breaches or attacks, one in five (21% and 18% respectively) end up losing money, data or other assets. One-third of businesses (35%) and four in ten charities (40%) report being negatively impacted regardless, for example, because they require new post-breach measures, have staff time diverted or suffer wider business disruption.
The COVID-19 pandemic has led to significant changes in ways of working. This has made cyber security harder for many organisations.
Cybercrime, which includes everything from theft or embezzlement to data hacking and destruction, is up 600% as a result of the COVID-19 pandemic. Nearly every industry has had to embrace new solutions and it forced companies to adapt, quickly.
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