Cyber and Commercial Crime

We have grouped these two distinct insurance products together as they are closely aligned.

Whereas ‘cyber’ crime policies are mostly to do with the consequences of a cyber attack from a technology viewpoint, ‘commercial’ crime deals with the wider subject of the consequences of all manner of fraud, both cyber fraud and other terms of fraud, like impersonation or identity fraud quite often emanating from the same underlying cause – the theft of data.

Typical Cyber Attack Cover

Data leaks and data losses can lead to regulatory fines and PR nightmares, shut down servers and loss of both confidence and future profits. Most

Insurers strive for an ‘end to end’ approach; diagnosing the issue, fixing it and getting the business back on track and preventing ‘the domino effect’.

24/7 Incident Response

  • Access to assurance experts
  • Legal advice
  • IT forensic expertise
  • Public relations advice
  • Crisis Management and breach coaching

Synopsis One Liner - Cybercrime - blue -01Data Protection

  • Insurable Data Protection fines, defence costs from regulators.

Loss of Electronic Data

  • Notification costs, identity and credit monitoring costs, data restoration costs.

Data Liability

  • The financial consequences of losing or miss-appropriating customer or employee data.

Cyber Extortion

  • Dealing with the consequences of ransom.

Cyber Business Interruption

  • Loss of Gross Profit during the indemnity period following a cyber event.

Sums Insured

  • Should be adequate or more than adequate to deal with the consequences of any one of the above.

Policy Excess

  • In the case of business interruption there would an excess up to perhaps 12 hours. Otherwise the policy excess will vary depending on the size of the organisations turnover and exposure.

Optional Covers

Optional Network Interruption

  • Loss of net profit as a result of a material interruption to the insured’s
  • Network, caused by a security breach.

Optional Cyber/Privacy extortion

  • Ransom payments (extortion loss) to third parties incurred in terminating a security threat.

Optional Digital Media Liability

Damages and defence costs incurred in connection with a breach of third party intellectual property, or negligence in connection with electronic content.

Commercial Crime

Provides ‘All risks’ cover for theft by employees and third parties, whether there is collusion or not. There is no distinction between the different types of fraud that third parties may commit.

  • Extensions: these normally have an inner limit or maximum sum insured, often as high as £250,000.00.

Client Cover

  • Cover for a client’s loss caused by the Insured’s employees is fully covered. Also covers theft from the client by a third party when the Insured has custody and control of the client’s money, securities, property or funds.

Commercial Disruption

  • If a crime stops the Insured from carrying on, its business pays for the costs of temporary premises or temporary additional staff.

Contractual Penalties

  • The Insured may be contractually penalised if a crime interferes with their performance under a contract, cover pays for such penalties.

 Court Compensation Costs

  • When the Insured’s employees are required to attend court or a conference with a barrister or solicitor as the result of a covered crime, the policyholder is compensated for their time.

Destruction or damage

  • Cover the cost of replacing destroyed or damaged money and securities belonging to the Insured due to criminal acts


  • The financial loss the Insured will suffer as the result of a crime will not be the only cost incurred. They will need to prove the amount of loss and may have suffered data damage to safes and vaults, lost interest payments or incurred legal defence costs. Cover provides an additional limit at no extra cost.

Identity Fraud

  • If the Insured’s identity is stolen or altered, the cost of rectifying the situation including defending the Insured against allegations on the grounds of such identity theft is covered.

Malicious Data Damage

  • As well as covering the costs of reconstituting data as the result of a crime, cover provides compensation where there is no intent to steal but rather to maliciously alter, delete or corrupt data. Cover is not restricted to data held solely in computer systems.

Mitigation CostsCyber and Commercial Crime insurance RGB-01

  • If the Insured can reduce or eliminate the loss that may result from a crime we will pick up the costs they incur in doing so.

Public Relations Consultancy Fees

  • A company can suffer adverse publicity following a crime, covers the costs of expert advice to minimise its impact.

Public Utilities Fraud

  • As with telecommunications fraud, covers unauthorised charges even though no money, securities, property or funds have been stolen from the Insured thereby removing any ambiguity as to cover.

Telecommunications Fraud

  • When charges are racked up fraudulently by unauthorised users, cover provides a sub-limit for such eventualities

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