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Cyber Insurance

Cyber Insurance is not solely for large corporate businesses. Cyber criminals do not discriminate; using malicious codes across the internet to search for vulnerabilities, with the potential to attack businesses from any sector, of any size from the other side of the world. Whether it’s writing down a password, opening a malicious email or using a USB stick containing malware; we are all potential targets.

 Protect your business


How could a cyber-risk affect your organisation?

  • Loss of information you hold, e.g. client data, payment card information, intellectual property. This doesn’t have to be via a cyber-attack or data breach, this could be a result of an employee losing important documents such as leaving a company laptop on a train.
  • If damages were required to be paid, how would you fund defence costs & payment of damages to those whose information has been lost or breached?
  • What Regulatory notification or defence would you need to undertake?
  • How much custom would you lose as a result?
  • Loss of, or interruption to, the systems you rely upon for your business:
  • Denial of service attacks, hacking or virus which stops customers transacting business with you or impairs your ability to deliver services to them.
  • A Hacker installing ransomware on your system so as to extort money from you.
  • Becoming liable for unintentional breach of copyright, libel, slander or defamation from your organisation’s use of email, your website or social media presence.


Your business could be vulnerable to a data breach or loss of vital business services if you:

  • Hold sensitive or personal information about your customers such as their name, address and banking details.
  • Are reliant on computer systems for your business to function.
  • Have a website.
  • Are subject to a payment card industry (PCI) merchant services agreement.
  • The rapid development of technology and growth of the internet has transformed the way in which organisations operate. Businesses now store greater quantities of sensitive information electronically. As a result of this increase in dependence, new risks and potential liabilities are created which traditional insurance policies are insufficient to provide cover for.


Tailored Cyber Insurance cover is available to assist you with the following:

  • Data: Costs incurred due to loss, corruption or inability to access data.
  • Business interruption: Loss of income due to computer system failure.
  • Cyber extortion: Extortion demands and mitigation costs.
  • Crisis management: Access to specialist legal and forensic services and crisis communication experts.
  • Regulatory defence and penalties: Investigation costs and regulatory fines, to the extent insurable by law.
  • Defamation: Defence costs and awards.
  • Privacy breach: Costs associated with loss of data.
  • Transmission of virus: Costs and claims from unintended acts.
  • Breach of copyright: Costs and damages.

What happens if I need to make a claim?

In the event of a cyber-attack or data breach, Cyber Insurance cover can give you access to dedicated experts who will be on-hand to work alongside you, particularly your IT department initially. Services such as legal support, access to a public relations agency who will help you manage your communication strategy, and once the immediate threat has been dealt with, an IT forensics assessment recommending preventative measures to avoid a further attack. Immediate advice is available 24 hours a day, seven days a week.

Throughout the entire process our claims team here at Pavey Group will work alongside your insurer to help you access all the advice and support you need to ensure as little disruption to your business as possible.

No two businesses are the same when it comes to cyber risk; therefore it is vital to understand the potential harm your business could face and to ensure your cyber policy is tailored to mirror those needs.

For further advice relating to Cyber Risks or any aspect of your insurance please contact us on:

Torquay: 01803 652000 Exeter: 01392 880000 Holsworthy: 0333 2026502

Sources: 1. The business and economic consequences of inadequate cybersecurity - A research report prepared for Veracode (2015) 2. 2015 Information Security Breaches Survey by HM Government & PWC 3. RSA ‘Cyber Risk A Clear Approach’ (2015).