Cyber insurance demand increases as Dixons Carphone breached

Cyber Insurance Cover - Robertson Low

Ransomware Attacks Topped List of Cyber Insurance Claims

More than one-quarter of cyber insurance claims received by AIG last year were the result of ransomware attacks, the largest percentage of any cyberattack type, according to the insurance giant’s 2017 cyber insurance claim statistics.

It was reported that more than 25% of cyber insurance claims were the result of ransomware attacks. This marked a significant increase on the previous year where 16% of claims were for ransomware attacks. (Source: AIG Cyber Claims Study 2018)

Just one-tenth of Irish SMEs are insuring themselves against cyber attacks, a report has found — as British phone and electrical goods retailer Dixons Carphone fell victim to a second major security breach in the past three years.

It has been estimated that 10% of Irish SMEs currently have financial protections in place in the event of a cyber attack, but said that figure was likely to double in the next two years, as greater awareness of cybercrime took hold.

The PWC Irish Economic Crime Survey 2018 found that four out of 10 Irish companies are failing to do risk assessments, usually the first step to prevent fraud before it takes root.

The survey reveals that the incidences of cybercrime in Ireland have increased substantially – 61pc reported having suffered cybercrime over the last two years compared to 44pc in 2016 – and have reached almost double global levels (31pc). (Source: PWC Irish Economic Crime Survey 2018).

PREPARING YOUR BUSINESS FOR DATA BREACH.

To ensure that your business is covered for Cyber Attacks, contact our team here at Robertson Low, and we can assist you ensuring your company is covered against digital risk.

Cyber risk and breach of EU data regulations are critical issues for business today. We advise on best insurance solutions to safeguard your organisation and  provide indemnity from a range of  potential risks.

Typically, cyber insurance offers coverage against a suite of first party and third- party risks.

First party exposures can include:

  • Loss or damage to digital assets
  • Non-physical business interruption and extra expense
  • Network interruption
  • Cyber extortion
  • Crisis management and reputational costs
  • Reputational damage
  • Social engineering and Fund transfer fraud

Examples of third party exposures:

  • Security and privacy liability
  • Privacy regulation defence costs
  • Insurable fines and penalties
  • Notification expenses
  • Multi-media liability (IPR infringement. defamation, breach of privacy)

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Robertson Low - Ireland's top Insurance Broker
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Contact the Robertson Low team to see how we can help your business, and submit a business insurance inquiry online.