Cyber Insurance

Cyber insurance covers against losses relating to damage to, or loss of information from, IT systems, networks and generally – the internet. Also known as cyber liability insurance, cyber insurance generally protects your businesses of all sizes, in the event of a malicious attack on your computer system, data or IT infrastructure. 

Flycovr works with regulated brokers who can market your cyber insurance requirements to various insurers in the market, to ensure that it covers all your needs and is suitable for the scale of your business. With various placement options, Flycovr can assist you in searching for coverage beyond the financial limits you maybe facing. 

It is worth checking if your business or organisation is protected sufficiently already with cyber insurance included as part of existing policies, such as business interruption or property insurance. Flycovr can arrange for these to be reviewed for you pretty quickly, but it is certainly worth checking as there may be some level of coverage for cyber related losses. 

The aviation market is becoming increasingly competitive in the cyber insurance market, however, insurers are becoming more and more selective about the risks they cover. Flycovr partners, can ensure your requirements are thoroughly searched and adequate solutions are delivered at the most competitive price possible. 

There are two types of insurance, first-party insurance and third-party insurance. 

First-party insurance:

• Loss or damage to digital assets, for example, data or software programmes and platforms 
• Network downtime causing business interruption
• Cyber exhortation where third parties threaten to damage or release data if money is not paid to them
• Customer notification expenses when there is a legal or regulatory requirement to notify them of a security or privacy breach
• Reputational damage arising from a breach of data that results in loss of intellectual property or customers
• Theft of money or digital assets through theft of equipment or electronic theft

Third party insurance: 

• Security and privacy breaches, and the investigation, defence costs and civil damages associated with them
• Multi-media liability, to cover investigation, defence costs and civil damages arising from defamation, breach of privacy or negligence in publication in electronic or print media
• Loss of third-party data, including payment of compensation to customers for denial of access, and failure of software or systems

Please send us enquiry with your needs and we can help you find the most suitable insurance specialist who can place your cyber security needs with the correct insurer.