Cyber insurance for Oxford businesses

Our world is increasingly moving in a digital direction, and businesses need to keep up. But it’s not as simple as just building a website or running a social media profile for your company - you’ll need cyber liability insurance in place to make sure your business is protected from digital threats.

Cyber threats are increasing with the rise of AI and more complex strategies are being developed by criminals - ransomware, phishing attacks and data breaches are just some of the cyber threats you might be aware of. So, it’s especially important to make sure your digital defences are up to date, and that includes your cyber insurance.

Why do small businesses need cyber insurance?

Small businesses are seen as easy targets by cybercriminals, as they tend to have weaker security measures compared to large corporations. Cyberattacks can be devastating to a business, causing financial loss, reputational damage and even business closure. A website experiencing downtime could cause a huge impact to sales, especially for a business that focuses on online orders. You could also face regulatory fines if customer data is exposed, and that could leave you severely out of pocket.

Cyber insurance covers you for:

• Data breaches - Your cyber insurance will cover you for the cost of hiring experts to find the source and extent of the breach, as well as data recovery (restoring or replacing damaged data, software, or even hardware. It will also reimburse costs for cyber extortion or ransomware negotiations or payments (where legal).
• Business interruption - Covers lost income and overheads while your systems are down and you can’t trade.
• Incident management - Provides you with 24/7 access to technical experts, lawyers, and PR consultants to manage the crisis.
• Fines and penalties - Assists with legal fees and regulatory fines, such as those from the Information Commissioner's Office (ICO).

Why isn’t standard business insurance sufficient for cyber incidents?

Standard business insurance isn’t enough - typical business liability policies often specifically exclude digital asset loss or cyber extortion, so if you’re affected by a data breach or other cyberattack, you won’t have any protection. You need cover that’s specifically tailored to your cyber needs, so you have the right support if something goes wrong.

What factors affect the cost of my cyber insurance?

The overall cost of your cyber insurance will depend on:

• Your business’s size
• The business’s type / industry
• What data your business holds
• Systems your business uses

A business that lets customers place online orders through their website will need a different level of cover than a business that does not, for example.

Why should I work with a specialist broker when taking out cyber insurance?

Cyber risk is complex and rapidly evolving, especially with the rise of AI. It’s not adequately covered by traditional insurance policies, so taking out a one-size-fits-all business policy isn’t enough for most SMEs. Working with a specialist broker means that you get a policy that is specifically tailored for your business’s unique needs, without overpaying or underpaying for insurance. They’ll make sure that there are no hidden gaps in your cover, so you can return to running your business with peace of mind.

Specialist cyber insurance for Oxford businesses

Oxford is home to a huge range of businesses, from cafes and restaurants to shops, agencies and manufacturers. All of these businesses need cyber insurance, but they’ll all have different requirements and face different risks. It can be hard to know what you need, and that’s where we come in.

EIC Insurance, based in Tring, has been providing insurance cover for businesses across the Home Counties since 1973. With our local expertise and ongoing support, we’ll help to protect your business from all sides, so you can get back to running it.

Get in touch

If you’ve got a business based in Oxford and you’d like to review your existing cyber insurance, we are here to help – we can also arrange brand new policies or simply offer advice. Just give us a call today on 01442 286910, or send a query to info@eicinsurance.co.uk.

Protecting your business starts with the right conversation. We’re ready when you are.