Fuelled Group | Cyber Insurance

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Cyber & Data
Insurance

Cyber & data insurance, often referred to as cyber liability or cyber risk insurance, is a specialised insurance product designed to help organisations safeguard themselves against the complex array of risks associated with the digital realm. This includes, but is not limited to, data breaches, cyber-attacks, ransomware threats, business interruption due to cyber incidents, and subsequent regulatory penalties. Given the rise in cybercrimes and the value of data in today's digital age, this insurance covers the financial repercussions of such events, including the costs of investigations, notifications, legal fees, and potential compensation.

How does it apply to you?

For startups and scaleup companies, especially those operating predominantly in the digital or technology sector, cyber & data insurance is becoming increasingly indispensable. Such companies often store vast amounts of sensitive data, whether it's customer information, proprietary technology, or intellectual property. A single cyber-attack or data breach can not only result in direct financial losses but also lead to long-term reputational harm and loss of customer trust. Consider a tech platform that experiences a breach exposing user data or a software solution that falls victim to ransomware, rendering it inaccessible to its users.

Explained

Having cyber & data insurance in place provides a safety net for businesses, ensuring they have the resources and expertise to respond promptly and effectively to cyber incidents. This could involve technical support to counteract an attack, public relations efforts to manage brand reputation, or support in navigating potential regulatory fines or lawsuits. Moreover, as data privacy regulations become more stringent globally, having such insurance also signals to stakeholders that the company is prepared and responsible in the face of evolving cyber threats.

Read our comprehensive guide to business insurance

How much cover
do you need?

The limit of cover that you purchase for cyber insurance can often be difficult to calculate, particularly as the cost of data changes regularly. If you store private medical records, the attractiveness of your data is increased, similarly, if you hold large amounts of financial records and card details - you become a high value target.

Also to consider in your overall limit is the business interruption that may be caused should your systems be blocked. Given the complexity of exposure and the amount of areas that can be impacted, we would always recommend speaking to an advisor before landing on a limit.