Welcome to JLT Independent

Cyber Insurance

Cyber risk can occur both online and offline. Due to the technological leaps in the past decade, it has become one of the top emerging risks. Although the reliance on electronic communication and connected technology driven processes in today’s world exposes companies to cyber risk, the data privacy elements of the risk are just as prevalent offline.

Cyber Liability Insurance is designed to mitigate both the first and third-party costs that you may incur due to a cyber-attack. First-party costs are incurred by your business directly due to a cyber incident, whereas third-party costs are those that you may be liable to pay others.

At JLT, we specialise in providing cyber risk management solutions along with insurance for a wide variety of industries. JLT’s team of experts will find the right multi-dimensional cyber risk solution against cyber-attacks by working closely with you.

GET IN TOUCH

Sameer Rinwa

Director - Global Risk Group & Carrier Management, JLT Independent

022-45105907

sameer_rinwa@jltindependent.com

Key Sectors

CYBER RISKS BY INDUSTRY

JLT’s cyber team has considerable experience in collaborating with clients in range of industries to identify their key cyber risks before addressing how they can be covered in the insurance market.

  • Technology
  • Lifesciences
  • Hospitality
  • Financial Institution
  • Transport & Logistics
  • Telecommunication
  • Manufacturing
  • Aerospace
  • Energy & Mining
  • Construction
  • Legal Services
  • Retailers
  • Healthcare Providers

What We Do

We’re here to simplify and explain the concept of ‘Cyber’ as intimidating and complex it may seem. Finding the best insurance solution as per your company’s risk by taking you through various relevant cyber loss scenarios is where our expertise lies.

We will be there even while you chose a policy, highlighting whatever is covered underneath a cyber insurance policy so that you go for the right one.

Every company has some form of cyber exposure, Our team of specialists help minimise potential threats by raising awareness amongst employees of your company on cyber security.

Over the years we’ve delivered a tailored service to clients across a range of sectors. Our focus on pre and post incident service proposition ensures delivering a wholesome solution to our clients

FAQs

Cyber risk emanates from both online and offline sources. For example, a hacker gaining physical access to upload malware on to an online ticketing system, a lost mobile device containing confidential information or a stolen lever arch file. Although the reliance on electronic communication and connected technology driven processes in today’s world exposes companies to cyber risk, the data privacy elements of the risk are just as prevalent offline. Cyber incidents can be fit into four main categories:

Malicious External Actor: Can be criminal, a group of hacktivists with the intent of disruption, or a terrorist to seeking to create physical consequence.

Malicious Internal Actor: Can be disenchanted individuals or lower level employees influenced to steal data or code or providing physical access.

EMPLOYEES: Cyber incidents through human error, e.g. accessing links in a phishing email, unattended laptop, or unsecure Wi-Fi networks

Cyber Liability Insurance is designed to mitigate both the first and third-party costs that you may incur due to a cyber-attack. First-party costs are incurred by your business directly due to a cyber incident, whereas third-party costs are those that you may be liable to pay others.

With the increasing reliability on technology and data. This enhances the overall productivity and profitability it also makes industries prone to emerging risks. Cyber being one of the prominent one. Cyber incidents can affect a company in following ways:

  • Data attack on information of employees or customers
  • Breach of confidential information of client or company’s own data
  • Media content in cyberspace for defamation or infringement of intellectual property
  • Usage of Social media by company and its employees risks reputation and security

We suggest doing the following to proactively manage your cyber risks:

  • Understand the top risks to your company and communicate to the management the risks that are and are not insurable. If not insurable, then identify alternative options.
  • Understand your contracts with your customers. What risks is your company assuming? What types of insurance do you need to maintain?
  • Know and meet regularly with your information/IT team and understand incidents or near misses.
  • Review your risks with your insurance broker and insurer continually. Insurance coverage is negotiable.

These are typical exclusions under the policy:

  • War, invasion and insurrection
  • Patent, software and copyright infringement: Can be covered only for defence costs
  • Bodily injury and property damage
  • Failure to take required security measures
  • Employment-related claims: Cover for employees’ personal information will result in employment related privacy violation.

Cyber cover can be obtained as an add-on for Professional Indemnity Insurance, but it skips some key coverages such as:

  1. Loss of partner and employee information
  2. Investigation expenses including legal, forensic and IT expert advice
  3. Notification and PR expenses
  4. Cyber extortion
  5. Restoration expenses and loss of revenue

Why JLT

With many choices in the market why you should go with us?

  • We stay close to the pulse of the vibrant insurance market and leverage our relationships and knowledge
  • Our deep technical knowledge means that we do not accept any insurer's standard policy form and will work tirelessly to ensure you receive a differentiated result
  • Claims advocacy is a vital part of our offering to clients. We link it to placing and wording to ensure that clients receive a full circle and joined up approach. Our claims advocates will provide you with tailored policy wordings, advising you about notification and coverage, and work with you and your insurers to achieve successful resolution of all claim-related matters
  • We host training workshops and establish regular meetings with clients 
  • We create content that highlights the latest risk trends and aims to simplify concepts that may seem confusing to individuals with limited experience in technology. This includes our monthly newsletter, Cyber Decoder, in- depth whitepapers as well as a wide range of educational videos and materials