Having specific insurance in place to mitigate these risks can make a big difference in reducing the financial impact.
Conventional policies may not cover many of the losses associated with cyber risks such as
- Costs of dealing with data breaches
- Costs of dealing with cyber liability claims
- Cover for business losses from a cyber event
- Cover that helps organisations with the impact of cyber crime.
Having access to expert advice and support e.g. IT, legal, forensic and media relations when an incident occurs can help mitigate the financial impact of a loss or cyber event and any reputational damage.
- Any existing commercial Ecclesiastical customer
- Any new customer taking out a commercial Ecclesiastical policy.
It has been designed to cater for small and medium-size organisations and to meet the needs of customers in Ecclesiastical niche market segments such as:
- Charity and not-for-profit organisations
- Education risks
- Charitable care providers
- Property owners and investors
- Heritage, arts and culture
- Faith organisations.
Here are some examples of the types of claim covered under Ecclesiastical Cyber Insurance policy.
- Cyber crime - claim £12,800
Employee fraudulently modified information which resulted in a transfer of funds.
- Data breach - claim £35,000
An accountant’s laptop was stolen containing 800 customer tax records. The cost to the replace the laptop (paid as part of hardware cover), investigation of the breach, legal advice and notification of clients.
- Cyber liability - claim £45,000
A property management firm’s email system became corrupted. IT investigation was needed to confirm a virus was the cause. A former customer sued for damages after being infected via an email.
- Data corruption and extra costs - claim £31,300
A cryptolocker encrypted the files of a computer system. There were costs incurred to clean the system and restore data. Support expenses for a ransom demand (paid as part of cyber crime cover).