Cyber Recovery - A Digital Insurance Crime Solution

Cyber Recovery is an insurance policy which provides SME businesses, with a turnover of less than £5m, with a Cyber Expert to help them survive a cyber attack and loss of personal information.

We will investigate and assist with the restoration of your systems, liaise with the regulator and help you to communicate with your customers to limit the damage to your reputation and restore confidence.

Do you Need Cyber Recovery Insurance?...

Do you have?

Customer Details

Banking Information

Computer Systems

Online Store or Website

If the answer to any of these questions is yes, then you need cyber protection to provide expert advice following a data security breach. Even if the answer was no, all UK businesses will need to comply with the Data Protection Act.

Did you Know...

75%

of SMEs have experienced a cyber attack in the last 12 months

25%

of SME's won't survive a data security breach.

£75,000

Is the Average cost of a Data Security Breach.

50%

of Data Security breach's are caused by human error.

What do you Get?

Cyber Recovery is an insurance policy which provides expert advice following a covered data security breach – in which personal information is copied, transmitted, viewed or stolen by a third party unauthorised to do so.

It will not cover more than the first data breach discovered in the period of insurance or if the data breach occurs outside of the UK.

Certain other exclusions apply; full details of which are included in the insurance policy.

Any SME business will hold personal data and will need to comply with the Data Protection Act and consider the risk of the data being lost or stolen.

As part of managing this risk, we will give you a checklist of ideas to review, which in conjunction with this product, will help you to protect your business. If you would like to know more, please get in touch.

Features & Benefit's of Cyber Recovery

We will provide forensic and technical services to assist with any regulatory investigation and incident management.

When an SME suffers a cyber attack, any loss of personal information can be complex and time consuming to deal with.

We will also cover the cost of certain financial damages, penalties and fines, arising from a Regulatory Investigation, up to the agreed limits, where insurable under UK law.

The effect on your business and its brand can be disastrous. ‘Cyber Recovery’ is an insurance policy which provides you with a Cyber Emergency Response Team (CERT), to manage the crisis.

We will arrange for a Cyber Expert to contact you wherever you are in the UK. Our helpline is available 24/7, 365 days a year.

New EU regulations will mean heavy fines if you get it wrong.

Designed with SME's in Mind

One of the key factors of this coverage which support the low price point is the fact that there is an upper limit of £5 million in Turnover making this ideally suited for Small to Medium sized businesses.

Policy Limits

One of the key factors of this coverage which support the low price point is the fact that there is an upper limit of £5 million in Turnover making this ideally suited for Small to Medium sized businesses.

Limit of Fees Indemnity £300 in the aggregate

Initial response by the CERT upon notification of a covered Data Breach, Including initial assessment of the risk and provision of advice on  Immediate action to take.

Limits of Fees Indemnity £5,000 in the aggregate

Notification – expert advice by the CERT to ensure that you comply with notification requirements under Data Security Law;

Defence – legal, forensic investigation and expert IT advice provided by the CERT in connection with the defence of a claim against you for liability arising directly and exclusively out of a covered Data Breach;

Public Relations – expert PR advice provided by the CERT and assistance in issuing initial press releases where required following a covered Data Breach.

Limits of Fees Indemnity £25,000 in the aggregate

Investigation – legal, forensic investigation and expert IT advice provided by the CERT in connection with and as a result of a Regulatory Investigation of you arising directly and exclusively out of a covered Data Breach;

Restoration – assistance with the restoring of Email Systems, online services and other IT software systems by the CERT to the state that they were in prior to a covered Data Breach which was caused by intrusion or breach by a Third Party, and resulted in damage to such software.

Limit of Indemnity £100,000 in the aggregate, costs inclusive

Awards and Damages – payment for: damages and related costs awarded against you following a claim pursuant to a final judgment, final adjudication or arbitration; compensation awarded against you by a Regulator following a Regulatory Investigation; awards of costs or settlements for which you are legally liable;

Fine and Penalties – where insurable by law, payment for any fine, financial penalty or punitive award which has been issued by a regulator which you are liable to pay following a covered Data Breach as a direct result of your failure to comply with Data Security Law;

Credit Monitoring – payment for the cost you incur with the Equifax Credit Watch Service for the provision of credit alert services by Equifax to Data Subjects for a period of 12 months immediately following a covered Data Breach.

Eligibility

As this product is designed with SME’s in mind there are restrictions on the type of trade that can secure this coverage, below is a list of restricted trades which are not covered with this policy:

  • Airlines
  • Data Aggregators/List Brokers/Data Warehouses
  • Gambling
  • Government Departments, Agencies, Councils or Public Bodies
  • Healthcare or Medical Providers
  • Insurance Companies or Brokers
  • Payment Processors
  • Travel Agents
  • Utilities

Policy Summary

This policy summary provides key information about your Lorega Cyber Recovery Insurance policy and the cover that the Insurer will provide during the Period of Insurance in return for the premium that you have paid or have agreed to pay.

It does not contain the full terms and conditions of cover, which can be found in the policy wording which you should read carefully when you receive it.

Cyber Recovery is administered by Lorega Limited, whose registered office is 36 Leadenhall Street, London EC3A 1AT. Lorega Limited is authorised and regulated by the Financial Conduct Authority, reference 308694.

The Insurance Policy is underwritten by Hiscox Underwriting Limited on behalf of Hiscox Insurance Company Limited. Hiscox Underwriting Limited is authorised and regulated by the Financial Conduct Authority and Hiscox Insurance Company Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

Lorega Cyber Recovery provides and pays for the services of a Cyber Emergency Response Team (CERT), together with payment of certain fines, penalties, awards, damages and the cost of credit monitoring, to help your business recover from a covered Data Breach which has been discovered during the Period of Insurance.

Your Insurance Policy shall only apply in respect of the first Data Breach which has been discovered. You must provide notice to Lorega of the Data Breach within 12 hours of its discovery.

The indemnity limit is on an aggregate basis. Each limit stated in table of Features and Benefits below is the amount payable in total under the Policy for that cover.

Please refer to the policy wording for all exclusions from and conditions of cover. Among other things:

a) The Policy does not cover any Data Breach incurred outside of the United Kingdom, the Isle of Man or the Channel Islands.

b) It is a pre-condition of coverage under the Policy that you shall have paid the premium as at the date of the Data Breach.

You have the right to cancel your Insurance Policy during a period of 14 days after the later of the day of purchase or the day on which you receive your policy wording. If you exercise this right before the cover commences you will be entitled to a full refund of the premium you have paid.

If you exercise this right after cover commences, you will be entitled to a refund, less the amount charged (on a pro-rata basis) for the period you were covered. If you do not exercise your right to cancel then your Insurance Policy will continue until the expiry date shown in it.

In the event of a claim please call the Lorega Cyber Recovery Help Line on 020 7767 3075.

Should you have a complaint regarding your Insurance Policy, please initially contact Lorega Ltd in writing at: 36 Leadenhall Street, London EC3A 1AT or by telephone on: 0207 767 3070.

Please refer to your Insurance Policy wording for details of the action you can take if you still remain dissatisfied.

Hiscox Insurance Company Limited is a member of the FSCS. You may be entitled to compensation from the Scheme if the Insurer cannot meet its obligations. Further information can be obtained from the Financial Services Compensation Scheme, 10th Floor, Beaufort House, 15 St Botolph Street, London EC3A 7QU, Tel: 0800 678 1100 or 020 7741 410