Cyber & data risks insurance for small businesses
Lukango believes that one of the biggest challenges facing small businesses in the UK is the lack of awareness about cyber threats and how to protect against them. Many businesses are not aware of the potential risks they face and do not have the necessary measures in place to protect their data and systems against cyber threats.
At Lukango, the view is clear: the ever-growing number of cyber threats facing small businesses in the UK means that keeping your data — and your customers’ data — safe is one of the most important responsibilities you have as a business owner.
That’s why Lukango has partnered with Markel Direct, who underwrite and administer the policies, to offer small business insurance that can extend protection to cyber and data risks. This partnership ensures access to specialist cover designed to help safeguard your business against digital threats.
Find out more about small business insurance that extends protection to cyber and data risks below, or click here to get a quote:
Following a cyber attack, cyber and data risks insurance can protect you against costs caused by
Theft of sensitive information
Extortion
What is cyber & data risks insurance?
Cyber and data risks insurance is designed to protect your small business against a data breach or malicious cyber hack that affects either your tech systems or business. Heavy stuff. It can be bought separately if that makes the most sense for you or alongside your other business insurance policies. This provides an extra layer of protection when your business needs it most.
Cyber insurance policies for small businesses like yours usually cover costs that you’ll incur after cyber
attacks, cyber extortion and data breaches. This insurance policy can also cover:
- Theft of sensitive information.
- Business interruption and lost income because of cyber attacks.
- Cyber extortion and ransomware attacks.
- The costs of notifying customers and regulators in the event of a data breach.
- Liability for damages to third parties resulting from a cyber-attack.
- Costs of recovering data and restoring systems after a cyber-attack.
- Cyber crime and social engineering attacks which means things like phishing scams and fraudulent wire transfers.
Get cyber and data risks insurance for your small business from our insurance partner Markel Direct and:
- Get tailored quotes in minutes
- Get covered and all your documents the same day
- UK-based expert support, online and on the phone
Do I need cyber & data risks insurance cover?
Cyber and data risks insurance provides cover in relation to certain incidents involving the processing, transfer or storage of customers' personal data. Businesses that operate online, including those with ecommerce websites or digital services, may be exposed to risks associated with data breaches, cyber attacks and system compromises.
Cyber insurance is not a legal requirement in the UK for small businesses. However, as many business activities now involve digital systems or online interactions, some organisations choose to explore insurance options that relate to cyber and data risks. Cyber threats and attacks have increased in recent years, and smaller businesses can face challenges in managing cyber security due to limited resources.
A cyber incident can result in financial loss and reputational impact, depending on the nature and severity of the event.
Frequently asked questions about Cyber & Data Risks
- What does cyber insurance protect my business from?
Cyber insurance is a type of business insurance that can cover certain losses and costs arising from cyber incidents, such as data breaches, cyber-attacks or the loss of business systems.
This can include events such as phishing attacks, ransomware, unauthorised access to systems, or incidents involving third-party suppliers, depending on the insurer and the terms of the policy.
What is covered and how it applies depends on the insurer and the specific policy. To understand what options are available for your business, you can speak to Markel Direct, Lukango’s insurance partner.
- Why is cyber and data risks insurance so important
Many businesses hold and process digital information, including personal and confidential data, and rely on technology to operate. Cyber and data risks insurance is designed to relate to losses and costs that can arise from events such as data breaches, cyber-attacks or failures of IT systems.
The types of risks covered, and how a policy responds, depend on the insurer and the terms of the policy. To understand what options are available for your business, you can speak to Markel Direct, Lukango’s insurance partner.
- What can I do to protect my small business from cyber attacks?
Businesses can face cyber risks such as data breaches, hacking and the loss of digital systems. There are different ways businesses manage these risks, including technical security measures and insurance products that relate to cyber and data risks.
Cyber and data risks insurance is a type of business insurance that can cover certain losses and costs arising from cyber incidents, depending on the insurer and the terms of the policy. To understand what options are available and how they apply to your business, you can speak to Markel Direct, Lukango’s insurance partner.
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