Businesses are under constant threat of cyber attack from people looking to steal and profit from the information stored on their computers and online. Hackers have now turned their attention onto SMEs; these are seen as easy targets as many do not understand cyber risks and how to reduce them. In a government report released last year, 87 per cent of small firms surveyed suffered an online security breach in the previous 12 months, including data corruption and loss as well as hacking and fraud.

The financial losses associated with cyber crime are just as significant for small businesses as they are for larger ones and small businesses need to do more to protect themselves and their customers online. There is a large gap between SME’s confidence in their ability to stay safe online, and their capacity to do so in practice.

Businesses must again ensure they have adequate protection and insurance measures in place to avoid a cyber threat scuppering their plans for growth. It is important to understand the risks you face as an SME and mitigate them with a Cyber Insurance policy.


Cyber Insurance provides specialised protection that is often not included in general liability policies. The list below is complied from the Cyber Insurance market as a whole. Please be aware that cover varies between providers.

Crisis Communication

In the event of a data breach maintaining your reputation is paramount, crisis communication cover provides specialist PR.

Cloud Cover

As software and data moves from physical office networks to the cloud, cloud cover can protect your data held in the cloud.

Intellectual Property

Protecting against claims for intellectual property rights infringement in all forms of content, including user generated.

Cyber Crime

If you are the victim of a malicious act including phishing scams, telephone hacking, identity theft and wire fraud.

Business Interruption

Covering the loss of net profit as a result of an interruption to your business after a cyber attack or network security breach

Regulatory Investigations

Covering the cost of investigations and fines from data protection regulators in the event of a confidential data breach.

Data Loss

Costs associated with data forensics, restoration, recollection and recovery following a security breach or data leak.

Cyber Extortion

If a hacker is threatening to damage your site or network, cyber extortion cover can pay the ransom payment demanded.

Virus Damage

If a virus destroys your system, virus damage insurance covers costs to rebuild your computer systems and restore your data.

Identity Fraud

A hacker has fraudulently used your identity to enter into an agreement. Identity Fraud insurance covers costs incurred.

Specialist Services

If your systems have been compromised, you may require expensive specialist services to assess and repair any damage.

Legal Expenses

Legal Expenses cover provides expenses and advice for a range of IT-related disputes with suppliers and employees.