Manchester Underwriting Management’s Cyber product is designed for all types of businesses, ranging in size, industry and profession; from trade through to professional services.
MUM’s approach means we welcome enquiries for risks of all shapes and sizes written with top quality capacity provided by Munich Re.
There are very few risks that will fall outside our appetite: payment processors; financial institutions; NHS and local authority; gaming, gambling and dating sites.
Why do businesses need Cyber cover?
Cyber-attacks are not just reserved for the corporate giants with the type of incidents that we read about in the daily papers. Every business is exposed to some form of indiscriminate cyber risk.
Over 875,000 SMEs have declared that they have been affected by a cyber-attack in the last year. With costs from £10,000 up to over £2.5m, enough to put a small to medium sized business in financial trouble. There are many potential consequences, including the cost of getting things rectified, business interruption and third party exposures.
Why do you need it?
When thinking about cyber risk and whether or not to purchase cyber insurance, it is worthwhile considering how the client will:
- Resolve a security or privacy breach. Do they have a plan in place with immediate access to individuals who are experienced at handling cyber events?
- Restore corrupted or encrypted systems and data.
- Respond to system disruption. What is the likely impact on a client’s ability to trade?
- Manage any reputational issues arising from a breach.
- Manage communications with the Information Commissioner’s Office.
- Manage any civil suits and regulatory actions seeking damages or imposing penalties.
Integrated Breach Management
An integrated service created to provide a “one stop shop” for the full range of services required to manage, investigate, resolve and recover from a data security breach. MUM provides access to a 24/7/365 emergency response team who are ready to help when bad situations arise. Click here to read more
What do we cover?
First Party Coverage
- Data Recovery Costs.
- Business Interruption Loss.
- Extortion Expenses.
- Cyber Theft Loss.
- Telephone Hacking Loss.
Third Party Coverage
- Cyber Liability.
- Payment Card Industry Liability.
- Regulatory Proceedings, including fines and penalties where insurable.
- Multimedia Liability.
Additional Standard Coverages
- Attendance Expenses.
- Loss Mitigation Expenses.
- Social Engineering Fraud - Indemnity for the insured’s own losses arising directly from a fraudulent instruction.