In partnership with Marsh Commercial, the Recruitment & Employment Confederation (REC) brings you REC Insurance Services – recruitment insurance protection tailored to suit the needs of the recruitment industry. We make it our business to help protect you, so insurance is one less thing to worry about.
What is cyber insurance?
Cyber insurance, commonly referred to as cyber security or cyber liability insurance, can assist in recovering losses and related expenses incurred from cyber threats such as:
- Significant breaches.
- Business interruptions.
- Ransomware attacks.
- And various other forms of cyber attacks.
Why do you need cyber risks insurance?
As regulatory measures are increasing and keeping up with them is important, having cyber insurance cover in place can help to ensure businesses meet compliance requirements and mitigate risk of fines/penalties associated with data breaches.
Up to £250,000 worth of cyber and data cover for business interruption relating to data recovery costs, cyber extortion, privacy protection and media liability up is included as standard as part of the Recruiters Choice policy, if you meet the insurers requirements listed below. For example, you must purchase either public liability or professional indemnity cover, your annual turnover is less than £10 million, you don’t have more than 100k personal data records, no business is transacted in the USA or Canada, you use device encryption and are not subject to PCI/DSS. The cover is up to £250, 000 and excludes breach costs (expenses incurred as a result of a data breach).
- You buy either public liability or professional indemnity insurance.
- Your annual turnover is under £10 million.
- You have fewer than 100,000 personal data records.
- You don’t do business in the USA or Canada.
- You use device encryption, and you are not subject to PCI/DSS regulations.
The cyber insurance covers up to £250,000 but does not include costs related to data breaches. If you don’t meet these criteria or want to enhance your protection; you may want to consider an advanced cyber insurance policy.
Most cyber insurance policies will provide an option to acquire enhanced cover against cyber attacks or cyber incidents. The cost of cyber insurance can vary significantly based on factors such as the size of your business, the level of network security you have in place, and your history with cyber incidents. But with the ever-present and growing threat of cyber crime, the cost to your business without dedicated cyber insurance could be devastating. The peace of mind you'll have with the right cover in place far outweighs cyber insurance cost.
Cyber liability insurance can cover:
- Business interruption and lost revenue.
- Cyber extortion.
- Data and hardware restoration and repair.
- Data breach notification services.
- Employee training.
- First and third-party costs.
- Forensic services.
- Fraudulent representation and legal fees.
- Incident preparation and response support.
- Regulatory defence and penalties.
