Cyber Insurance
Cyber insurance is a key requirement for any business that stores client data, uses online systems, computers, servers, software or devices.
Standard commercial policies typically do not provide cyber liability cover, which means if your business is targeted with a cyber attack you will not have insurance to cover the financial and reputational losses. Purchasing cyber insurance will provide financial protection against cyber-related risks and losses.

Bespoke Cyber Insurance Policies
Our cyber insurance policies can include cover for:
Extortion: Covers the costs from cybercriminals holding files for ransom.
Legal fees: Covers the lawyers' costs for claims arising from data breaches.
Theft coverage: Covers the theft of money, hardware or software arising out of a cyber attack.
Fraud coverage: Covers the theft of property and money due to computer fraud.
Privacy liability: Covers the cost of third-party claims caused by a data breach.
Crisis Management: Covers the cost of PR and business reputation recovery.
Forensic Investigation: Costs are covered for specialist investigations into the cyber attack.
Data loss and restoration: Covers the costs of recovering electronic data.
Business interruption and downtime: Covers the loss of income due to cyber attacks. Options to include multimedia liability, network interruptions and more.
Features
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Free advice and quotations.
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Experienced and dedicated team.
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Access to domestic and UK markets.
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Broker to broker facilities available.
Benefits
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Financial benefits such as cover for data breach costs, business interruption, cyber extortion, legal fees, regulatory fines, etc.
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Risk management benefits such as risk assessment, incident response etc.
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Reputational benefits such as crisis management and reputation protection.
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Technical benefits such as forensic analysis, system restoration.
FAQs
A: Most SMEs lack the resources to have their own in-house cyber security or incident response team to prevent or respond to cyber attacks. A good cyber policy will give you access to proactive cyber attack prevention services. Utilizing a range of techniques unavailable to everyday businesses like vulnerability scanning, threat monitoring and intelligence feeds, all at no extra cost.
A: The length of system downtime can vary from business to business, but in some cases business operations can be severely impacted for weeks or even months after a cyber event. Back-ups are frequently targeted and either deleted or encrypted during the course of these attacks, leaving businesses with little recourse when it comes to reinstating their data. Cyber insurance not only gives you access to a range of technical experts to help get you back online fast, but it covers the financial losses incurred as a result of your business operations being interrupted and the costs of re-creating any lost or corrupted data.
A: Cybercriminals are increasingly intercepting electronic fund transfers. These scams are hard to spot because cybercriminals are taking the time to study how their victims send and receive payment requests, and they often come from legitimate email accounts that have been compromised. Payments are often unrecoverable as they are siphoned off into other accounts quickly. Banks are rarely able to recall the funds and refund the losses. Cyber insurance can reimburse significant financial losses that come from scams like these. In fact, funds transfer fraud makes up about a quarter of some Insurers’ cyber claims globally.
A: Having good cyber security controls in place can make an organization less vulnerable to attack, but it can never make them 100% secure. Indeed, humans are often the weakest link in the cyber security chain. This includes everything from employees clicking on a malicious link or attachment in a phishing email, using weak passwords, not following up new funds transfer requests with a phone call, or losing devices containing sensitive information. A good Cyber insurance policy covers the financial losses that can result from these common errors, as well as giving you access to technical experts if someone makes a mistake.

The Complete Guide: Cyber security risks, claims and insurance
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Email: info@obf.ie
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