Why do organisations need Cyber Insurance?
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:
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.
Who is Ecclesiastical Cyber Insurance for?
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:
What does Ecclesiastical Cyber Insurance provide?
- An all-in-one computer, data and cyber risks policy designed to meet the needs of small and medium-sized organisations.
- A flexible solution that can be tailored to individual needs designed to dovetail with your current Ecclesiastical policy cover.
- Choice of cover limits appropriate to your level of risk.
Types of claims
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).
The summary of cover is an outline of the standard cover provided under the policy and is not personalised to you. The cover you choose will depend on your circumstances and will be shown on your policy schedule. The schedule will also detail some changes we have made relating to infectious and communicable diseases.