Who are InSync?
Insync Insurance* is an insurance broker we work with to help customers who need protection that AXA doesn’t currently offer. They specialise in businesses like yours and work with a range of different insurers to help find the right coverage for your business.
What is cyber insurance?
Cyber insurance helps protect your business in the event of a data breach or cybercrime. It’s designed to limit the impact of incidents such as:
Hacking : When a criminal gains unauthorised access to your business’s data
Ransomware : When a criminal extorts your business by blocking you out of your own data and systems
Accidental data loss : when your business is responsible for the accidental leak or destruction of customer data
These are just some of the cyber risks facing business owners. Cyber Insurance is a safety net, covering the cost of recovery and helping you get back to business quickly.
Cyber-attacks don’t just affect large corporations. Small and medium-sized businesses are increasingly being targeted, often because they hold valuable customer data but may lack dedicated IT security resources.
Cyber insurance can provide expert support and financial protection to help your business recover and move forward with confidence.
What does cyber insurance cover?
Cyber insurance helps protect your business from the financial and operational impact of cyber incidents, ranging from data breaches to ransomware attacks. Here are some of the core covers that most policies include.
Please note, coverage can vary depending on specific policy details and your insurer.
Data breach cover: If personal, financial, or business information is stolen, leaked, or accidentally shared, this cover helps with the cost of investigating what happened, restoring data, and notifying affected customers or regulators.
Cybercrime cover: Protects you if your business is the victim of online fraud, such as phishing emails, fake invoices, or deceptive payment requests. It can help recover lost funds and cover investigation expenses.
System and data recovery: Pays for the repair or replacement of damaged IT systems and the restoration of lost files or data following a cyber incident.
Cyber extortion cover: Helps you respond safely if your business is targeted by ransomware or other digital blackmail attempts. It can cover ransom payments and the cost of professional support.
Legal and regulatory cover: Covers legal fees and expert advice if your business faces a claim or investigation following a data breach. It can also cover compensation payments or regulatory fines (where such payments are insurable by law).
Crisis management and PR support: Provides access to experts who can help manage communications, limit reputational damage, and reassure customers after a breach.
Optional Add-ons
Business interruption cover: If a cyber-attack or system outage stops your business you from trading, this cover helps replace lost income and covers temporary measures while you get back up and running.
Third-party liability cover: Protects you if a cyber incident in your business impacts others, for example, if malware spreads to your customers or suppliers. It covers the cost of defending claims and paying damages.
Fraudulent transfer cover: Covers financial loss if an employee or supplier is tricked into transferring money to a fraudster through phishing or social engineering scams.
Reputation repair services: Offers extended PR and marketing support to help rebuild trust with customers and restore your brand image after a serious breach.
Why do I need cyber insurance?
Cyber incidents are among the biggest threats to UK businesses, with potentially costly consequences—financially and reputationally.
Even a small incident can disrupt your operations. A locked system might stop you from taking payments, while a lost laptop could expose sensitive data.
Beyond the immediate damage, there are legal and regulatory obligations to consider. If personal data is compromised, you may need to notify affected individuals or report the breach to the Information Commissioner's Office (ICO).
Cyber insurance can help you recover costs, get access to expert support to resolve breaches and manage the legal expenses, so you can focus on getting your business back to normal.
Common cyber claims
Even when you take precautions, cyber incidents can happen to any business. Here are some common types of claims you’ll likely be covered for with a cyber insurance policy:
Phishing and email scams: One of the most frequent causes of financial loss, phishing emails trick employees into sharing passwords or transferring money to fraudsters. Even experienced teams can fall victim to sophisticated scams.
Ransomware attacks: Hackers lock access to your systems or data and demand payment in exchange for restoring it. These attacks can cause severe disruption and often require specialist support to resolve safely.
Data breaches: From lost laptops to unauthorised access to customer databases, breaches can happen in many ways. Cover helps with forensic investigations, data restoration, and notifying affected individuals or regulators.
Malware infections: Malicious software can damage systems, delete files, or spread across networks, often through a single email attachment or compromised website.
Website downtime: If a cyber-attack takes your website offline, business interruption cover can help replace lost income while you get back online.
Social engineering fraud: Criminals posing as trusted contacts, suppliers, or even senior staff can manipulate employees into transferring funds or sharing confidential information.
How much does cyber insurance cost?
The cost of your cyber insurance will depend on a few key things, including how your business operates and the level of protection you choose.
Here are some of the main factors that can affect your premium:
The size of your business: Larger businesses with more staff or higher turnover typically handle more data, which can increase your potential exposure.
The type of data you handle: Businesses storing sensitive customer information, such as payment details or medical records, may face higher premiums.
Your industry and risk level: Some sectors, like finance, healthcare, or e-commerce, are more frequently targeted by cybercriminals.
Your IT security measures: Strong cybersecurity practices, such as firewalls, encryption, and regular employee training, can help lower your risk and reduce your costs.
Claims history: If your business has made cyber claims in the past, it may influence how much your cyber premium.
The level of cover you choose: Higher cover limits and additional options (like business interruption or social engineering cover) will increase the cost.
To find out what cyber insurance might cost your business, it’s best to get a quote. That way, you’ll be able to see exactly how much you’ll pay based on your specific setup, and the level of coverage you choose for your business.
Frequently asked questions
Our customers say...
Average rating:
stars
Based on
Our customers’ reviews, independently moderated and managed by feefo. Based on 0 total reviews.
.
