Cyber Security meets Cyber Insurance

We are excited to announce our new partnership with Adler Insurance Brokers Ltd!

We have joined forces with Adler Insurance Brokers Ltd to tackle the growing Cyber Security market and to address the growing need for businesses to secure their data against cyber criminals. This unique proposition will provide organisations with a solution that encompasses both security vulnerability advice and cyber liability insurance protection.

What is Cyber Liability Insurance?

Cyber Liability Insurance cover (CLIC) has been available in the market for the last decade. However, most security professionals seem unlikely to have heard of it or know that it exists. This is backed up by findings from The Corporate Executive Programme (CEP) where only 13% of large and mid-sized companies in the UK have dedicated cyber insurance.

In our opinion, in parallel to home and car insurance for businesses to pass the insurance acceptance criteria a minimum level of security measures will need to be put in place including:

  • Next Generation Firewall
  • Proof that annual security audits are conducted
  • Information security policy

We are proposing to work with businesses to ensure that their systems will not only pass the criteria to obtain cyber insurance when needed but will protect a business’s most important asset: its data.

Anish Chauhan Managing Director of Equilibrium Security feels:

“Businesses will benefit the most from a collaborative approach where cyber security and insurance go hand in hand.”

“Let’s be honest insurance alone is not enough to have in place if your company is breached by a cyber-attack however it is a good validation point to have in place for your customers and can help save a lot of money in the long run.”

But what is our partner’s perspective?

Angela Irvine, Chartered Insurance Practitioner at Adler Insurance, commented:

“Assets are moving from bricks to clicks, and SMEs should consider their online resources and how to protect them.”

“The attention cyber risk is now getting in the Boardroom highlights a greater understanding of cyber security issues across industries in the UK.”

“This awareness isn’t necessarily being coupled with practical or educational expertise on the subject. Undoubtedly, security begins with self-education and by qualifying your company’s current capabilities and resilience to protect against cyber-risks. The first port of call for any cyber-aware firm needs to be a strict and dynamic cyber security strategy and this strategy should be underpinned by appropriate insurance.”

A collaborative approach

Together with Adler Insurance we feel that the option of using CLIC will become more attractive to businesses as the expense of dealing with a cyber-breach gets higher and the cost of dealing with mandatory notification is added – in much the same way that existing business insurance policies for fire, flood and theft have become a vital component in the risk management toolkit.