11 December 2018

Cyber recovery experts at your fingertips

Cyber risks are an “every business” issue and although an insurance policy cannot prevent a breach of your cyber security, it can assist should you suffer one. Planning for when things go wrong is the key to surviving what is generally a very stressful time.

All businesses, regardless of industry or size, use technology to operate. Even if you outsource your IT support to third party service providers such as payroll processors, data back-up and cloud-based facilities, cyber incidents are still your problem. As a business owner or manager, one of your many roles is the protection of data and intellectual property.

How to prepare for a security incident?

Would you know where to turn if you were struck by a cyber incident today? A key part of any cyber risk management strategy should be cyber Insurance because even if you don’t have a clear, up-to-date plan to help you navigate your way out of a cyber incident, our team of technical and non-technical incident management experts will be there to help you resolve the situation.

Cyber incident response?

If you run a small or medium business, it’s your job to stay focused on your business during a cyber-breach, to try and operate as normal and ensure the business survives, while others focus on the cleaning up the incident. So, what to do? Call in the reinforcements.

The benefits of cyber insurance cover

One key benefit of a Cyber Insurance policy is 24/7 access to expert professionals who can help you make the right technical, legal, and business decisions if your business has suffered a cyber attack of some form or other. Crombie Lockwood’s Cyber Insurance response teams include experts in data recovery, forensic engineering, crisis management, public relations and the law. They will help you restore your network and minimise the damage to your reputation and your exposure to loss and liability.

Cyber Insurance will cover your own losses and costs incurred directly by you for:

• Loss of business income
• Forensic costs to ascertain the extent of the event
• Extortion costs incurred in the threat of an event or a ransomware assault
• Costs to restore the network
• Costs to replicate/replace lost data
• Public Relations costs to minimise reputational damage
• Claims for compensation from customers or other third parties such as banks or suppliers
• Privacy reparations and penalties 
• Associated legal defence costs

Cyber Insurance will cover privacy breaches, security liability and 3rd party costs that you, as the insured, become liable for.

Planning before an incident enables to respond quickly and improves your resilience. Having a reliable team on your side will not only help you survive a cyber event, they can work with you to take steps to prevent a similar kind of cyber incident from happening again.

Cyber Insurance for your business

Crombie Lockwood is able to advise businesses upon the most appropriate Cyber Insurance policy for them. Crombie Lockwood has exclusive access to CyberSAFE, a market-leading cyber policy insured with global cyber specialists at Lloyd’s of London.