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Financial Services

CYBER insurance

With increasing reliance upon online trading and businesses holding sensitive client information, cyber insurance is an effective defence against the costs of cyber crime and data breaches.

RBIG Cyber Insurance solutions

Specialist cyber insurance offers specific protections against criminal attack - cyber crime - as well as data breaches.

Also known as cyber liability insurance, it can provide an important defence against often sizeable costs. 

The Association of British Insurers (ABI) reported Government statistics which in 2014 suggested that some 60 percent of small business had suffered a data breach. The average cost of a breach ranged from £65,00 to £115,000.

The figure were even more startling for large corporations, 81 percent of whom suffered breaches with average costs rising to up to £1.15m.

Cyber crime costs

In 2020, the National Fraud  Intelligence Fraud Bureau reported that 86% of fraud is cyber-enabled. The same year at the Personal Investment Management and Financial Advice Association (PIMFA) Financial Crime Conference  the City of London Police Commissioner noted that such crimes are now "now a lot easier than robbing a bank and the rewards are far greater." He said that three-quarters of reported fraud crimes were cyber enabled.

Cyber crime never seems to be far from the headlines.

In late 2019 a major foreign exchange company had to shut down all its IT systems for around a fortnight following a ransomware attack. In March two major UK retailers found their loyalty card systems under cyber attack.

Whilst its the big names that hit the news, smaller businesses face daily risks from phishing, scams and other forms of cyber attack. 

The ABI - and RBIG -  particularly recommends taking out specialist cyber insurance if  your business trades through websites, processes debit and credit card transactions or holds client data. 

RBIG cyber and data protection insurance services

With many of our clients increasingly reliant upon IT and e-trading platforms, we have developed particular expertise in cyber insurance.

As such we can offer expert advice to assist you in determining the nature and value of cover your business requires. 

Naturally, the personal service for which RBIG is renowned, means we will be pleased to design a bespoke cyber insurance policy to offer your business truly tailor-made protection.

RBIG cyber insurance options

We can arrange a wide range of cyber and data protection insurance cover options.

These include:

  • Cyber business interruption loss
  • Cyber extortion insurance
  • Data breach insurance
  • Malware, ransomware and hacker insurance
  • Cyber forensic investigation cover
  • First and third party cyber liability insurance

 

 

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INSURANCE EXPERTISE THAT PUTS YOU AT EASE
RBIG’s extensive experience, professionalism and commitment to service excellence provides welcome reassurance that you’ll benefit from the best advice, cover and price. It’s insurance expertise that puts you at ease.
’One stop’ for all your insurance needs
Experienced and expert in the provision of general business insurance, our dedicated team also boasts a broad range of sector-specific specialisms.
A proven pedigree
We’re proud to have served the business community for nearly 40 years. Our proven pedigree enables us to provide clients with time-tested risk management strategies to best protect their corporate assets, liabilities, profits and investments.
We protect well over £1bn of assets
Our clients trust us to arrange affordable and effective protection for corporate assets worth well over £1bn, alongside commercial vehicle fleets, private cars, key people and more.
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