Cyber
Insurance

Data Breach insurance is effectively cyber insurance, just by a different name. Always check what is covered in a policy though, as policies can vary, not just in terms of name, but in what insurance cover is provided.

Every size business needs cyber insurance, and especially small businesses. Many small business owners believe they won’t suffer an attack because their business is too small to be of interest to hackers, but actually, the opposite is often true.

Hackers are aware that small business owners often don’t have the high level of protection that the larger businesses do, so a cyber attack on a small business is sometimes easier, and may even open doors for them to gain entry to larger businesses. Cyber criminals aren’t always hackers either, sometimes they might be ex-employees, or other people with a grudge who initiate a cyber attack to cause problems for that business.

All policies are different, but most insurers will expect you to have a fully functioning and updated firewall and anti-virus software. Multi-factor authentication is also important, as well as using a Virtual Private Network (VPN) when working remotely. Regular staff cyber-training is also a prerequisite with some insurers, and, if this is the case, our sister company www.maximity.co.uk can provide this.

Not at all! At Prizm Solutions, we have received more cyber claims than fire-related claims in the last twelve months. And we’re delighted to say that most of the claims have been successfully handled and paid.

If you’re the victim of a cyber-attack and need to make a claim, you need to call your insurance company straight away.

If you have cyber security insurance with Prizm Solutions, then you simply call us. As your broker, we are here to help – and we will provide you with all the contact numbers you need to deal with a cyber breach when you take out the policy.

As an insurance broker, we deal with many different cyber insurance companies in order to find the right policy for our clients. We currently use companies including Aviva, Onda, Angel (AXA XL), CFC Underwriting, Markel, Coalition, Cowbell, QBE, Beazley, AIG and Talbot Underwriting, but this changes as suppliers enter and exit the cyber insurance marketplace.