CYBER INSURANCE

Cyber insurance, also called cybersecurity insurance or cyber liability insurance, is an insurance policy that covers the losses a business might suffer from a data breach or cyber attack, such as ransomware.

Data breaches can result in significant financial losses - a recent report puts the average cost of a breach in 2024 at 4.88 million USD . There can also be  legal and regulatory penalties for businesses, resulting in significant harm to reputation and client confidence.

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Whilst security controls and compliance mitigate risk, no security controls can ever be guaranteed 100% effective - so cyber insurance is a way to transfer this residual risk.

Often, cyber threats are not covered by commercial liability insurance, so we encourage our clients to obtain cyber insurance coverage to transfer some of this risk as part of their overall risk management and governance. 

Cyber insurance can also provide additional value for money for small and medium businesses, as the insurer will often assist with:

• Forensic support 

• Incident Triage and Response

• Business interruption loss reimbursement

• Legal support

• Review and recommendation of your security controls and program

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This can significantly increase your cyber security compliance, whilst reducing your risk and costs associated with these areas, which are often prohibitively expensive to implement for smaller business. 

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We partner with Bermuda Brokers Limited ("BBL"), an insurance broker that provides competitive coverage across various lines of business, including Errors & Omissions (E&O), Directors & Officers (D&O), Cyber insurance, and more. BBL operates in Bermuda and London and has access to major global insurance markets, including Lloyd's of London. For more information, visit www.bermudabrokers.com or contact missioncontrol@bermudabrokers.com