Cyber risks are constantly evolving. A cyber attack can bring an organisation to its knees without warning; preparation is vital.

Is your company covered for all possible losses if hit by a cyber attack? There’s a lot to consider. BMS brings more than just extensive industry knowledge to help protect your business.

Our in-house specialist cyber consultant knows the right questions to ask and is backed by sophisticated software that provides unparalleled insight into the cyber risk landscape.

Cyber Risks Affect Everyone

It’s important for businesses to know which risk transfer solutions are relevant and available. BMS’ experts, supported by sophisticated software, can assess a firm’s exposure, quantify the likely financial impact and place a broad insurance coverage to respond when such an event occurs.

Recorded incidents are rising at an unprecedented rate and pose a genuine and significant threat both to business and our wider society. High profile security breaches are rarely out of the headlines; the nature and complexity of the risks are always changing. The various perils of hacktivism, extortion and employee negligence and the move to outsource critical business functions to third parties in the cloud are all contributing to a sharp rise in cyber claim activity.

Cyber Insurance

Cyber insurance can be more accurately described as privacy and data security liability insurance. It’s designed to address the financial implications your organisation may suffer resulting from a security breach affecting sensitive data held by you or by an outsourced provider you have engaged.

This may stem from an attack on your network, a large scale system failure or simply a lost company laptop. Today’s products are broad in scope and offer a multitude of related coverages under one blended policy, which can be tailored to your organisation’s needs.

By knowing the right questions to ask, we gain a deeper understanding of your business, enabling us to provide comprehensive guidance and solutions.

Coverages

Breach Event Costs

IT forensic investigation, notification & crisis management costs.

Network Interruption + Cyber Extortion

Loss of profits and extra expense during the time that your network is down; costs associated in evaluating and responding to a cyber extortion threat and paying the ransom demand.

Media Liability

Advertising injury claims such as infringement of intellectual property, copyright/trademark infringement, libel and slander.

IP/Patent Infringement

Defence against claims of patent infringement, loss of profits and costs of pursuit of infringers.

Privacy + Security Liability

Claims arising out of violations of privacy laws and failure to have adequate network security in place.

Data Restoration Coverage

Costs associated with restoring, replacing or recreating lost or stolen data.

Technology Errors + Omissions

Professional liability coverage addressing specific errors or omissions of firms engaged in the provision of technology-related services.

Reputational Harm

Loss of profits due to media publication of specific named perils

Why London for Cyber?

The London market, particularly the Lloyd’s market is a globally recognised hub of innovation and excellence for many insurance lines, especially cyber. Many of the insurance world’s most pioneering and pro-active markets operate within the square mile where we are best placed to take advantage of and leverage our superior insurer relationships.

As technology becomes embedded in almost every facet of modern-day life, privacy and network security risks have become one of the predominant risks for both governments and boardrooms around the globe. Whilst the staggering growth in smartphone usage, cloud services and other mobile and internet connected devices has made many aspects of modern life and business both swifter and easier, the opportunities for criminals have never been greater. James Gordon, Managing Director
James Gordon Managing Director

D: +44 (0)20 7480 0365
james.gordon@bmsgroup.com | More Information

Ryan Jones Director

D: +44 (0)20 7480 4383
ryan.jones@bmsgroup.com | More Information