Cyber Security
It covers the costs and the impact on your business of incidents arising from a cyber attack.
What does it involve?
Any business or self-employed professional who uses email, accepts card payments, handles personal data, has staff working remotely, or uses mobile devices for work has an insurable risk.
Cyber risk insurance covers the financial costs and the impact on your business of incidents arising from a cyber attack. The policy is customisable: cover can be added or removed to suit each need, and it works just as well for a self-employed professional as for a small or medium-sized business (SME) or a multinational with hundreds of employees.
It includes access to cyber security experts to restore your systems, as well as to lawyers and communications specialists.
Standard cover
- Incident response and system restoration
- Data loss and recovery
- Business interruption
- Third-party liability
- Cyber fraud and identity theft
- Legal advice and reputation management
- Cyber extortion
Who this insurance is for
Self-employed professionals and small businesses
If you invoice by email, take card payments, or keep customer data on your computer, an attack can bring your work to a halt. Without an IT department, the policy is what puts expert help at your disposal.
SMEs and businesses with staff
The more people, systems and remote access points you have, the more doors are open to attackers. The insurance covers the cost of stopping the attack, restoring your systems and responding to affected customers and suppliers.
Businesses that depend on the cloud
If your management software, your online shop or your booking system depends on a technology provider, an incident on their side stops you too. Make sure the policy takes this into account.
What to consider before taking out cover
The specific cover and its limits depend on the insurer and the type of policy you take out. At Retuerto y Asociados we set them out for you in writing before you decide.
Incidents at your supplier
Check that the policy includes loss of profit, fixed costs and expenses to mitigate the loss when an attack paralyses your technology provider's systems rather than your own.
Remote working and remote access
When taking out the policy, declare whether your team connects remotely (VPN, remote desktop, email or files in the cloud) and what security measures are in place. If this changes later, you need to report it.
Card payments
If you take card payments, and especially if you process remote payments, tell your broker. It's information the insurer takes into account when assessing the risk.
Personal devices
Ask how the policy treats the use of personal phones or computers that don't meet the company's security standards when connecting to its systems or the cloud.
Fraudulent transfers
Ask whether cyber fraud cover includes payments an employee makes after being deceived by a fake email, and up to what limit. Not every policy treats this the same way.
Limits, excesses and waiting periods
Check the limit for each type of cover, the excess, and how many hours of downtime must pass before business interruption cover starts to count.
How it works
When you take out the policy, the insurer usually asks for a questionnaire about how your business works: how many computers you have, whether you keep backups, who connects remotely, whether you take card payments and what customer data you hold. Your answers are used to set the terms, so it's worth taking your time over it, together with whoever handles your IT, even if that's an outside provider.
When an incident happens, the first step is to notify the insurer through the channel stated in the policy. From there the response team is activated: technicians who contain the attack and restore the systems, lawyers who assess your obligations towards those affected, and communications specialists if the matter becomes public. We explain it step by step in what to do in the first 48 hours after a cyber attack.
Afterwards, the financial side is settled: the cost of recovering data, the loss of profit caused by the stoppage and, if a customer or third party makes a claim against you, the defence and the compensation due, always within the limits contracted.
What's worth knowing
What you declare when taking out the policy matters throughout its entire life. If you later have more staff working remotely without the same security measures, start allowing remote connections when you didn't before, or begin taking card payments remotely, that's an increase in risk that you need to report to your broker. We also explain this in our article on cyber security and remote working.
Don't assume that your other policies already respond to this. Multi-risk industrial insurance is designed for physical damage such as fire, and general liability insurance for damage your activity causes to third parties; both often exclude or limit anything of a cyber origin. Reviewing them together avoids gaps and overlaps.
Insurance doesn't replace security measures: it complements them. Off-network backups, strong passwords and a procedure to verify changes to bank account details reduce the likelihood of an incident and also tend to influence the terms the insurer offers. In our article on what a cyber risk insurance policy covers you'll find the detail of each guarantee and of what is usually excluded.
What to consider before taking out cover
Pay less attention to the price and more to three things: how help is activated when an incident occurs, whether fraud by impersonation is included and up to what limit, and whether business interruption cover also extends to failures at your technology providers. If your business already runs an insurance programme, we fit this in within our risk management service so that cyber risk isn't left isolated from the rest.
Frequently asked questions
I'm self-employed and work alone — do I really need it?
If you use email, take card payments, hold customers' personal data or work from your phone, you have an insurable risk. The policy is flexible: cover can be added or removed depending on what you actually need.
Am I covered if the attack hits my supplier and not me?
It depends on the policy, and it's a key point. It's important that it includes loss of profit, fixed operating costs (including salaries) and expenses to mitigate the loss when the stoppage stems from an incident on your outside supplier's systems. We check this for you in writing.
I have people working remotely — do I need to tell the insurer?
If when you took out the policy you declared that your team connected remotely via VPN or cloud services, there's no need to report having more people connected, as long as the same security standards apply. If you didn't declare it, if the measures aren't the same, or if personal devices are used, tell your broker.
Does it cover paying a ransom?
Cyber extortion is one of the standard types of cover, but its scope varies a lot between insurers: some cover mainly crisis management and negotiation with experts, while the payment itself has its own conditions and limits. Never negotiate or pay on your own — notify the insurer first.
Doesn't my multi-risk policy already cover this?
Usually not, or only to a very limited extent. Property damage policies are designed for material losses and often exclude anything of a cyber origin. We review your current policies to tell you exactly what you have and what you're missing.
What happens if an employee pays a fake invoice?
Cyber fraud and identity theft are among the standard types of cover, but it's worth confirming whether it includes transfers made because of deception, and up to what limit. We explain how to prevent it in CEO fraud, phishing and fake invoices.
Related articles
What a cyber risk insurance policy covers
The standard types of cover explained with examples, what's usually excluded and what to check if you're an SME or self-employed.
Read
The first 48 hours after a cyber attack
The order of the steps, who to notify first and how to communicate without making the problem worse.
Read
CEO fraud, phishing and fake invoices
How the scams that divert payments work, how to stop them and what role insurance plays.
ReadWhat an Insurance Broker really is
The broker is the expert who mediates between the insurance company and the client, representing the insured party and their interests, not the insurer alone.
We are the only professionals legally qualified to advise with strict independence and impartiality with regard to insurance companies.
- We compare the marketAdvice based on an objective analysis of contracts from a sufficient number of insurance companies.
- It costs you nothingThe broker is paid by the insurer in the form of commissions. In principle, the service has no cost for the client.
- We handle everythingFrom taking out the policy to the claim, should one arise.
- We defend your interestsBefore the insurer, just as a lawyer would.
Other business insurance
Multi-risk industrial insurance
Premises, machinery and stock, plus loss of profit if a claim affects the business.
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Liability Insurance
General, employer's, product and completed-works liability, tailored to the sector and turnover of the business.
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Directors and officers (D&O)
Protects the personal assets of those who manage or run the company against claims arising from their management decisions.
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Legal Expenses
Defence and pursuit of the company's interests with expert lawyers.
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Credit and Surety
Credit insurance guarantees payment in the event of the debtor's insolvency; surety guarantees that you fulfil your obligations.
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Vehicle fleet
All the business's vehicles under a single policy, with unified terms and renewal.
View insuranceWhat people tend to believe, and what actually happens
Five ideas we hear often that turn out to be costly on the day of a claim.
"Going it alone is cheaper for me."
The broker costs you nothing: the insurer pays them. And we compare several companies at once that you'd otherwise have to approach one by one.
"All policies are the same."
Two policies at the same price can have very different limits, excesses and exclusions. What matters is what the terms say on the day of the claim.
"The broker works for the insurer."
The broker represents the insured party and their interests. Whoever represents the insurer is their agent, which is a different role entirely.
"If I have a claim I'll sort it out myself."
How the claim is opened and documented shapes everything that follows. We handle it for you, and the claim as well.
"Switching insurer is a hassle."
We handle it for you, including cancelling the previous policy in time so it doesn't renew automatically.
"The compulsory insurance is enough for me."
The legal minimum covers what you cause to third parties, not what happens to you. That's the difference between a scare and a real problem.
Shall we prepare a cyber security quote for you?
Tell us about your situation and we'll send you a comparison of the best options on the market, the best support for making the right decision.
- No obligationWe give you the price and the cover; you decide.
- No costAs brokers we're paid by the insurer, not by you.
- Fast responseDuring office hours, usually the same day.
What questions do you have?
We'll get back to you with a cyber security quote and a comparison tailored to you.
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Would you rather talk to us? Call us on 922 235 203 or message us on WhatsApp at 667 420 381.