Coverage / Financial lines
Cyber
Underwriters price the controls. The questionnaire is the submission.
First-party loss from network events and third-party liability for data and privacy failures, including duties under the PDPO.
01 Scope
What it may cover
Subject to wording. Insurers differ; a sound policy answers these three points.
Incident response: forensics, legal advice, notification and crisis communications.
Business interruption and data restoration after a network event.
Liability and regulatory costs following a data or privacy breach.
02 Placement
What affects price and terms
Underwriters price what they can see. These facts come first, so we present them before they ask.
Multi-factor authentication on email, remote access and privileged accounts.
Offline, tested backups and the time to restore critical systems.
Endpoint detection, patching cadence and end-of-life systems.
Records held: personal data, payment data and volumes.
03 The underwriting file
What we need from you
- Completed cyber questionnaire, reviewed by IT before submission.
- Network diagram or summary of key systems and providers.
- Incident history and how each was resolved.
- Revenue dependency on online systems.
A complete file reaches more markets and returns firmer terms. Gaps are priced as uncertainty.
04 At renewal
Common gaps at renewal
01Questionnaire answered by finance
Answers that overstate controls give the insurer grounds to decline a claim. IT should answer the technical questions.
02Social engineering assumed covered
Payment diversion fraud is often sublimited or sits under the crime policy instead.
03Waiting period longer than the outage
A 12-hour waiting period on business interruption can remove most real losses.
Often placed with
Ready when you are
Send us the risk the last broker could not place.
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