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What is Cyber Insurance for business and will Cyber Essentials help?

Does my business need cyber insurance and will Cyber Essentials accreditation make a difference? 

cyber insurance

With the ominous threat of cyberattack ever present we look at cyber insurance, why it’s important to businesses and how having Cyber Essentials accreditation can make a difference to your policy 

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What is Cyber Insurance?  

The Federation of Small Businesses recently highlighted a government survey in which only 32% of businesses reported being insured against cyber risks. Yet, the cyber age in which we live and work presents many new threats to IT systems, networks, data and infrastructure.  


Cyber insurance is designed to protect businesses from the consequences of cyber-attack by providing financial protection and support to minimise the impact of disruption.  


What should cyber insurance cover? 

The specifics of each cyber insurance policy, what is and is not covered, will vary between providers but the common aim of these policies is to support business recovery and financial losses caused by a cyber security breach, whether criminal or otherwise.  


In general, insurance covers first party and/or third-party risks, covering a range of issues relating to lost, damaged and stolen systems and data. First party cover can include:  

  • Investigating a potential cyber crime


  • Recovery of lost or damaged data


  • Restoring computer systems


  • Theft of digital assets 


  • Lost income from downtime and business interruption


  • Support with managing incidents, including reputation damage limitation and regulatory enforcement. 


Third party risks, which are claims against you or damage to assets of others can include: 

  • Legal costs of defending claims made against you
  • Payment of damages or compensation to clients, suppliers, contractors or others for the loss of services or data. 


Why do I need cyber insurance? 

Many businesses rely daily on their IT for successful operation. Because cyber-attacks are becoming more frequent and sophisticated, the likelihood of becoming a victim is increasing. Even with the best cyber security practices in place, no business can be 100% protected. 


Having cyber insurance covers the risks caused by business interruption, loss of income, damage to reputation and impact to clients and will make it easier for you to recover. 


If you are heavily reliant on IT for your business operations or collect and store a lot of client data, the impact to you may be so substantial it could harm the viability of your business.  


This is particularly important to consider if you simply rely on existing general insurance policies, such as general business insurance, to cover your cyber risks. 


If you depend on your website, collect sensitive data or would benefit from the specialist support that cyber insurance can offer, including technical assistance for recovery, then specialist insurance may be for you.  


What do you need to take into account when choosing cyber insurance? 

To help you choose the right cyber insurance policy for you, here are some questions to consider to determine the cover you want: 


  • How much and what data do you store and use, and how critical is IT to your day-to-day operation?
  • Are third party claims against your business covered?


  • What areas aren’t covered by your insurance?


  • What technical support or incident recovery support is provided during and after an incident?


  • How much financial compensation do you need a policy to cover?


  • Will the insurance include new, as yet unknown, types of cyber-attack? 


Cyber Essentials helps you find the best cyber insurance deals 

At Syn-Star, we support a lot of clients to achieve Cyber Essentials accreditation because we know that Cyber Essentials is important to business by helping them to protect themselves and their clients from cyber-attacks and the devastating impact they can have. 


Cyber Essentials works by assessing five key security controls and with the right management, businesses can protect themselves from most cyber-attacks. 


This proactive approach to preventing cyber-attacks is seen very positively by insurers and some offer discounts in their cyber insurance for businesses which are Cyber Essentials accredited. 


Not only will you have key cyber protections in place, but you are making it clear to your insurer that you’re aware of the importance of protecting your clients, suppliers and partners. This will often be reflected in the size of your insurance premium. 


If you would like to learn more about Cyber Essentials accreditation, how it can help you find larger clients and how to achieve accreditation, take a look at our resources or contact us for a discussion. 

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