Cyber Insurance: More than a Checkbox Exercise
Do you buy cyber insurance the same way you buy any other insurance? Fill in a form, tick…
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When a cyber attack hits, the right policy is the difference between a bad week and a business-ending event. Disking IT partners with specialist broker New Dawn Risk to help you find cover that actually matches your risk.
of UK businesses currently hold some form of cyber insurance
average cost of a data breach for a UK organisation
of small UK businesses are now insured, up from 49% last year
of annual turnover — the maximum fine for failing to protect personal data under UK GD
Cyber insurance is a specialist policy that helps a business cover the financial and legal fallout of a cyber attack or data breach. It sits behind your cyber security, not in place of it.
Where your security stack (firewalls, endpoint protection, monitoring, staff training) is designed to stop an attack succeeding, cyber insurance is there for when one gets through anyway. It pays out for recovering your systems, notifying affected customers, hiring forensic investigators, and defending against legal claims.
It’s one of the fastest growing areas of business insurance in the UK, driven by rising ransomware attacks, tightening data protection law, and the sheer cost of a breach. Yet more than half of UK businesses still have no cyber cover in place at all.
Lost income and extra costs while your systems are down or encrypted following an attack.
The costs of dealing with an extortion demand, including specialist negotiators.
Recovering or rebuilding data lost or corrupted during an incident.
Forensic investigation, legal advice, PR support, and credit monitoring for affected individuals.
The cost of responding to a regulatory investigation, such as one under GDPR, plus any insurable fines.
Legal costs and damages if a third party takes action over a breach of their data.
Informing customers, staff, and regulators such as the ICO, when personal data is compromised.
Cover if a client claims financial loss due to a service failure or software error on your part — particularly relevant if you develop or supply technology.
Insurers increasingly expect baseline protections, things like MFA, patching and staff training, to be in place before they’ll pay a claim. This is why cyber insurance works best alongside good IT support, not instead of it.
Both certifications are recognised and respected. The right choice depends on your business requirements, your customer commitments, and how mature your existing security posture is.
Both play a role, and most businesses benefit from having each in place.
We’re proud to partner with New Dawn Risk, a specialist Lloyd’s insurance broker established in 2008, to bring expert cyber insurance advice to Disking IT clients. New Dawn Risk focuses on complex and specialist risks, including cyber & technology cover for regulatory liability, business interruption, ransomware, data restoration, and technology errors & omissions.
Through this partnership, we connect you with specialist brokers who understand both the insurance market and the technical detail insurers ask for, so your cover matches your actual risk, not a generic template.
Before you take out or renew a policy, know exactly where you stand.
We’ll review your IT infrastructure and check it against the security and compliance standards insurers and regulators expect to see, including MFA, patching, backups, access control and monitoring, and tell you honestly what’s in place, what isn’t, and what to fix first.
You’ll receive a short, plain-English report with clear recommendations. No cost. No obligation to proceed with Disking IT or New Dawn Risk.
Read some of our frequently asked questions on Cyber Insurance.
Cyber insurance is a specialist policy that covers the financial and legal costs a business faces after a cyber attack or data breach, including business interruption, incident response, and legal liability.
Yes, they do different jobs. Cyber Essentials reduces the likelihood of an attack succeeding, while cyber insurance reduces your financial exposure if one happens anyway. Many Cyber Essentials certifications include a bundled policy, but standalone cover can offer higher limits and broader protection.
Most policies cover business interruption, ransomware and cyber extortion, data restoration, incident response, regulatory liability and fines, security and privacy liability, and notification costs. Cover varies by insurer, so it’s worth reviewing the detail with a specialist broker.
Common exclusions include losses from war or state-sponsored cyber warfare, payouts that would breach international sanctions, pre-existing breaches, and losses caused by failing to maintain the security controls stated in your policy.
Cost depends on your turnover, industry, the data you hold, and your existing security controls. Businesses with stronger security measures in place, such as MFA and regular patching, typically qualify for lower premiums.
No, cyber insurance isn’t a legal requirement, but businesses have a legal duty under UK data protection law to protect personal data, and cyber insurance helps manage the financial risk if that data is compromised.
Many policies include cover for ransomware and cyber extortion costs, though this varies by insurer and policy. Some also provide specialist negotiators to help handle the incident.
We review your risk and security posture, then introduce you directly to New Dawn Risk’s specialist brokers, who source and compare cover from the Lloyd’s market on your behalf. There’s no obligation to proceed.
Timescales vary with complexity, but straightforward policies can often be placed within a few days once your risk information is ready. More complex or higher-limit cover may take longer to underwrite.
At least annually, and whenever your business changes significantly, such as new systems, new data types, growth in turnover, or a change in your security controls.
There’s no cost and no obligation. We review your IT infrastructure against what insurers and regulators expect to see, and give you a plain-English report on where you stand, whether or not you go on to take out cover with us.
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