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Cyber Insurance

Blackfoot can help take the complexity out of insuring your business against cyber-attack, guiding you through the cyber insurance process

Cyber insurance is a modern-day business necessity. With more than 1.5 million companies in the UK affected by cybercrime in 2023, costing them over £31.5bn, it is increasingly a matter of when, not if, an organisation will suffer a significant cyber-attack.

Cyber insurance helps cover the expenses associated with cyber-incidents, enabling businesses to recover faster and minimise their financial losses. However, navigating the complexities of cyber insurance offerings, providing appropriate assurance evidence to potential insurers and securing comprehensive coverage can be a barrier to effective cyber insurance for many businesses.

Blackfoot can help simplify this process, providing the information you need to make an informed choice when selecting your cyber insurance provider and products, and supporting you through the insurance process from start to finish.

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What is cyber insurance

Cyber insurance helps to mitigate the impact of major cybersecurity incidents and cyber-attacks when they occur. Cyber insurance covers not only some of the financial impacts of an incident, such as losses incurred during any downtime or business interruption, but also those associated with investigation and recovery.

Cyber insurance can also provide support for managing obligatory data protection notification and subsequent identity and credit monitoring for any customers affected, in the event of a data breach. Finally, cover may include legal expenses for associated lawsuits and regulatory penalties. 

Specific ransomware cover may also provide support with costs related to extortion tactics used by cybercriminals. 

There are several factors to consider when selecting cyber insurance, from the types of events it will cover to the value of financial and technical support it will provide. The extent to which any cyber insurance policy will bear the costs associated with investigation and response, third party claims, business losses, privacy notifications (where personal data is involved) and any subsequent lawsuits are important considerations for businesses when evaluating insurance products. 

Meanwhile, as the threat landscape continues to grow and becomes increasingly complex, many businesses are struggling to obtain the cover they need. Obtaining comprehensive cover is becoming increasingly challenging due to both the cost of insurance and the pre-requisites insurers demand.

How we help

Blackfoot delivers the expert guidance and support you need to obtain comprehensive and cost-effective cyber insurance for your business. Our in-depth market knowledge means we can provide you with the information you need to make an informed choice when selecting your cyber insurance provider and products, and support you through the insurance process from start to finish.

Our team of cybersecurity experts will work with you to identify your key risk areas and establish the most appropriate set of insurance requirements for your business, enabling you to work with your insurers to select and define the right product(s).

Our risk assessment and assurance services help you provide your insurers with the evidence they require to underwrite a comprehensive and cost-effective cyber insurance policy. Our expert team can help make sure your business is able to meet and maintain any pre-requisites demanded by your insurance provider. 

Our Cyber Risk Manager platform delivers the visibility you need to manage and monitor your cyber-risk and demonstrate compliance with any mandated cybersecurity obligations, such as Cyber Essentials Plus, ISO27001:2022 or other recognised industry standards.

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