Cyber insurance - luxury or necessity?

With almost 4.388bn internet users online in 2019 and with 75% of the world estimated to be online by 2021, it isn't difficult to argue that more assistance is needed to protect customers and companies in this new digital age. 

Cyber insurance covers the losses relating to damage to, or loss of information from, IT systems and networks. Policies will include significant assistance with and management of the incident itself, which can be essential when faced with reputational damage or regulatory enforcement. 

With over US$ 445bn in cyber related losses reported in the last year, the threat of hacks, business interruptions and regulatory actions are all-too-real for businesses of all sizes.

Amwins Global Risks in London has access to over 30 syndicates, a variety of different Lloyd’s and company-backed MGAs, plus direct access to Bermudan markets. From basic cover to bespoke products, we are here to assist you with offering your client the most cost effective and suitable products  in an ever changing and evolving cyber market.  

The scary statistics  

  • Ransomware – US$ 20bn in ransomware costs were paid out in 2020
  • Phishing - it is estimated that around 85% of ALL businesses/organisations have been targeted by a phishing attack at least once
  • Remote working – hackers are targeting employees working from home where network security is likely to be weaker
  • Cloud jacking – cited as one of the main areas of concern in 2021 with hackers stealing an individual's or organisation's cloud (or taking over a server) making subsequent attacks easier

Coverage available

  • Cyber incident response costs (including IT forensics, legal, breach notification, negotiation and payment of ransom, and crisis communications) 
  • Cybercrime (including social engineering, theft of personal funds, cyber extortion, ransomware attacks and unauthorized use of computer resources through crypto-jacking or bot-netting)
  • System damage and business interruption (including full data re-creation, income loss and extra expense, additional extra expense, consequential reputational harm and hardware repair and replacement)
  • Network security and privacy liability (including management liability arising from a cyber event and regulatory fines and penalties)
  • Media liability (including defamation and intellectual property rights infringement)
  • Technology errors and omissions
  • Court attendance costs 

Limits, deductibles and premiums

  • Maximum limit: $ 100,000,000
  • Minimum limit: $ 250,000
  • Minimum deductible $ 500 or $0 (for initial incident response)
  • Minimum premium: $ 500
We have capacity for primary, full towers up to US$200m and filling excess layers as required.

While there is a limited appetite for the following, our markets can consider on a case by case basis:

  • Cryptocurrency
  • Blockchain
  • Gambling
  • Social media platforms 

Territories

We can consider risks in the following territories, but coverage can also be offered on a Worldwide basis:

  • North America 
  • Canada
  • Australia
  • New Zealand
  • Israel
  • Ireland
  • UK

View more information about our professional and financial risk expertise.

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