Cyber

Cyber-attacks are the fastest-growing threat to modern businesses, with billions of attempts by hackers every year. As organisations rely on IT systems to manage most, if not all, of their critical business systems, insurance policies that adequately protect a firm’s IT infrastructure against loss or damage as a result of a successful hack is essential.

 

With an increasing number of cyber criminals actively targeting small businesses, a data breach could have disastrous consequences. A targeted attack that takes down a company’s website, wipes business-critical data or steals customer’s personal information could have severe financial consequences for a business.

Key points

  • Cover arranged with “A” rated carriers.
  • Instant quotations via MGAM’s market leading Quote and Bind platform.
  • System generated documents available immediately at point of sale.
  • Statement of fact basis – no need for proposal form.

Cover

Designed for businesses turning over up to £10,000,000, the Cyber insurance from MGAM policy can include cover for: –

  • Full prior acts
  • Breach and Forensic Expenses
  • Business Interruption Losses
  • Cyber Theft Loss from a Cyber Attack
  • Data Recovery Expenses
  • Cyber Extortion
  • Media Liability
  • Customer Attrition Losses.

Target Market

  • Retail
  • Manufacturing
  • Transportation
  • Healthcare
  • Hotels, tourism & hospitality
  • Charities
  • Finance – Banking & Insurance
  • Business/Professional Services
  • Real estate companies
  • Construction/Contractors
  • Agriculture
  • Education

Claims

Having cover in place is one thing; dealing with events that give rise to claims is another.

Cyber insurance from MGAM offers a response service 24/7. Within 2 hours of an insured activating the service, an incident manager will make contact and recommend an appropriate response. This may include engaging with a nominated service provider to deal with data restoration, a PR firm or additional legal services all of which are there to help the firm recover as quickly as possible.

MGAM – Here’s why

  • We are a Lloyd’s approved Coverholder.
  • Our technology led solutions put you in control by allowing you to quote, bind and issue documents at the press of a button.
  • You have the support of an experienced team of professionals ready to respond to referrals.
  • All our products are developed in collaboration with our partners and are designed with you in mind.
  • We constantly monitor emerging trends and are perfectly positioned to provide pioneering solutions.
Millenium Bridge looking at the Tate Modern, London.

“Their quote & bind platform is user friendly, flexible and efficient.”

David Heeney, Underwriter, The Fiducia MGA Co Ltd.

For more information contact

Monica King Divisional Director UK SME

T: +44 (0) 203 946 9114
M: +44 (0)7585 809677
E: monica.king@mgamutual.com