An Independently Connected Network of Businesses in Mid Devon

An Introduction to Cyber Insurance

20/05/2024 - Category: default

At our last Mid Devon Networking Breakfast in May 2024, Eloise Ansell & Hannah Morgan from NFU Mutual brought us a fascinating 10 minute takepver on ‘An Introduction to Cyber Insurance’.

Richard Pym, The Secretary had invited two colleagues from NFU Mutual to speak on the subject of Cyber Insurance. This followed a presentation from Devon & Cornwall Police earlier this year, which emphasised the massive risks faced by businesses from Cyber-attacks.

Eloise Ansell and Amand Patel gave a useful insight into the impacts of cyber-attacks on businesses. Many businesses believe that by using cloud-based services and outsourcing to third party IT providers, they are immune from the impact of these attacks. However, this is untrue. Any successful cyber-attack on the outsourced provider places responsibility on both businesses.

They revealed that cover is available in three “bundles”, with each offering an increased level of protection. Premiums for the basic “Breach Bundle” start at £300 including Insurance Premium Tax, although the annual sales turnover and rating of the particular trade / sector will have an impact on the price paid.

You can download the Powerpoint Cyber Insurance slides here.

If you would like to obtain a quotation for your business, or a client’s business, please contact Richard Pym (NFU Mutual): or 07966 121735.

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