DELIVERING BETTER IT FASTER
Cyber Essentials gives you free cyber insurance.
FREE? WHAT’S THE CATCH?
You’ve likely encountered those “free” articles before, only to end up disappointed. I totally get your scepticism.
However, we can assure you that this isn’t one of those marketing stunts.
There truly is a way to get Cyber Insurance for free.
HOW DO I GET FREE CYBER INSURANCE?
To be eligible free Cyber Insurance, you need to fit the following criteria:
- Your organisation must have Cyber Essentials Certification at either the basic or plus level.
- You need certification from an IASME certification body.
- Your organisation must turnover under £20,000,000.
- Your organisation must be based in the UK.
WHAT IS CYBER ESSENTIALS?
Developed by the UK Government and the National Cyber Security Centre (NCSC), the aim of Cyber Essentials is to reduce an organisation’s risk of a cyberattack by up to 80%.
The Cyber Essentials self-assessment scheme offers protection against a wide variety of cyberattacks and is critical for reducing your online vulnerability. Simple, less-invasive attacks can easily make you a target for the attention of unwanted threat actors. Cyber Essentials deals with these threats.
CYBER INSURANCE WITH CYBER ESSENTIALS?
What does the free Cyber Insurance cover?
The Cyber Insurance policy provides the following up to a limit of indemnity of £25,000:
- Liability – claims made against you arising out of media activities and privacy and security wrongful acts.
- Event Management – costs, including emergency costs, following a data breach, including the costs of notifying data subjects. These might typically include payment for Legal, IT, Forensic & PR specialists.
- Extortion Demands – ransoms and other cyber extortion.
- Regulatory Investigations – defence costs & regulatory fines (where insurable by law)
- Business Interruption – loss of profit and/or operational expenses caused by a network compromise.
- Loss of Electronic Data – costs of remedying the issue that allowed the loss or damage to your data and costs to replace, restore or update your data.
£25,000 may be enough to cover your organisation in the event of a small-sized breach. With bigger breaches, there is a chance that you will need to seek further cyber insurance and the cost of this is dependent on your unique requirements.
Who is the insurer and could I opt out?
The cover is provided by AXA XL. In the event of a breach, they will appoint a specialist to help your organisation recover.
If you are already covered by another Cyber Insurance policy, that is no problem. The free coverage from your Cyber Essentials’ policy will simply take the back seat.
Be secure, all the time, everywhere.
Got questions or feeling confused about your cybersecurity?
Speak to one of our specialists today to learn more about how we work harder to deliver better IT faster.
