Our Cyber and Crime liability insurance product is designed to insure your SME clients where they have been the victim of a breach or attack on their computer network or infrastructure or suffer a financial loss as a result of a network compromise, including extortion demands, or where they have been the victim of a covered Crime or fraudulent act by a bad actor. The product is available as an extension to our professional indemnity product as well as a standalone policy.

product overview

• Statement of fact based product no need for proposal form
• Companies with up to 20,000,000 turnover
• Companies holding up to 20,000 personal data records
• Limit of indemnity up to 1,000,000 in the aggregate for cyber
• Limit of indemnity up to 100,000 in the aggregate for crime extension
• Defence costs included in the limit
• Interest free Direct Debit premium payment facility
• Minimum excess 1,000
• Business interruption excess 8 hours
• Eligible industries (see useful documents section below)
• Commission 25%
• 24/7/365 cyber incident response service
• Excluding USA/Canada

coverage highlights

cyber liability 3^rd party coverage

• Multimedia internet liability
• Security and privacy liability
  • Failure to protect personal data
  • Violation of law governing the use of personal data
  • Violation of a data breach reporting requirement
  • Negligent failure to prevent a network compromise resulting in
    • Unauthorised access to your computer system
    • Malicious damage or theft of data
    • Denial of service attack
    • Transmission of malware

cyber liability 1^st party coverage

• Privacy notification and crisis management costs including
  • Legal fees to comply with legislation
  • Cost to notify individuals either voluntarily or as a legal requirement
  • Computer forensic costs to identify the extent of a breach
  • Call centre management costs
  • Third party identity protection costs
  • Crisis management costs
  Following a data breach
• Emergency response costs
• Extortion demands following an actual breach or credible threat
• Regulatory investigation costs
• Business interruption and increased cost of working including
  • Loss of profit
  • Additional costs incurred
  Following a network compromise
• Restoration costs following the loss of electronic data
• Network compromise/denial of access caused by:
  • Malware
  • Viruses
  • Worms
  • Trojan horses
  • Spyware
  • Zero-day attacks
  • Hacker attacks
  • Denial of Service attacks

cyber crime available by endorsement

• Social Engineering Financial Fraud
  • Loss of money or securities resulting from its transfer by the insured following instructions from someone fraudulently claiming to be an authorised person
• Funds Transfer Fraud
  • Loss of money or securities resulting from its transfer to the insured following instructions from someone fraudulently claiming to be the insured
• Invoice Manipulation fraud
  • Financial loss resulting from the manipulation of the insured's invoice causing payment to go astray

useful documents

• wording
• policy summary
• eligible industries
• axa xl cyber response service