E-Commerce / Cyber Insurance, who do you use

[Sparetoolparts]

Hi Guys

I've only recently got product liability insurance for the products that I sell, and now i wan to look at E-Commerce/cyber insurance as well.

Who are you using and what is covered?

I did get a quote for this, but the get out clauses were everywhere. How do you make sure your systems match to the insurance requirments?

 

[Nico Albrecht]

You hire a professional IT company that takes care of the requirements the insurance demand as they will understand much better the complexity and tech jargon in the policy.

 

[Frank the Insurance guy]

e-commerce/Cyber Insurance is a complete minefield at the moment.

So many products out there providing different degrees of protection - you really need to discuss your needs with an insurance broker that can look at what you need and what is available to fit your needs. They should be able to advise on what (if any) additional security measures you need to put in place (This can vary hugely from one insurer to another!).

Some Policies include access to some IT support on looking at how secure your system is.

There are simple policies that will pay £25K for a one off incident - which will pay to get your site back up and running following a cyber attack (Premium could be £100-£200). Or you could go for all singing, dancing policies with a higher limit, including cover for loss of sales etc, which would cost you much more!

With data protection being a key issue and risk, much will depend on the number of personal identifiable records you hold, where you hold these, who has access and what controls are in place to keep them secure.

 

[Sparetoolparts]

anyone got recommendations for E-Commerce specific companies I can reach out to?

 

[Sparetoolparts]

@Frank the Insurance guy

TY for the reply. I would say, I would want cover for Data Breeches, GDPR Fines etc and DDOS attacks etc.

 

[Frank the Insurance guy]

anyone got recommendations for E-Commerce specific companies I can reach out to?

Happy to look for you - DM me your contact details or contact me on my email/phone number below.

@Frank the Insurance guy

TY for the reply. I would say, I would want cover for Data Breeches, GDPR Fines etc and DDOS attacks etc.

Don't bank on Insurers paying fines for you - Insurers can only pay fines that they are legally allowed to pay.

 

[Dillon Lawrence Ltd]

anyone got recommendations for E-Commerce specific companies I can reach out to?

Like ourselves, you’d ideally need a company that both builds and hosts ecommerce sites so they have a good understanding of what changes are required. Building a site is very different to managing the infrastructure that runs one.

Presumably you’re at least using PCI compliant hosting?

 

[Sparetoolparts]

Yes
And I follow GDPR practices
Have Business Grade Anti-Virus Software

 

[Dillon Lawrence Ltd]

Data Breeches, GDPR Fines etc and DDOS attacks etc.

For this I’d recommend you have someone go through your entire site and the platform it runs on to ensure it’s patched, GDPR compliant and secure. Even basics such as newsletter boxes being pre-ticked can cause a fail. Then the server configuration should be looked at with recommendations implemented (avoiding DDoS by adding a WAF or Cloudflare like solution)

 

[JonathanVillagomez90]

what would you recommend for people starting out?

 

[Sparetoolparts]

what would you recommend for people starting out?

do you mean insurance wise?

I'd say you would need to start with Business insurance 1st the cyber

so Public Liability, Product Liability, Building Insurance etc

then look at Cyber or find a policy that covers it all

If selling Worldwide make sure your policy covers this as Product Liability is essential for worldwide trade

 

[Helen FORSTER]

Hi Guys

I've only recently got product liability insurance for the products that I sell, and now i wan to look at E-Commerce/cyber insurance as well.

Who are you using and what is covered?

I did get a quote for this, but the get out clauses were everywhere. How do you make sure your systems match to the insurance requirments?

Hi,

We work with a number of e-commerce businesses selling both goods and services. The type of insurance that would best protect your business depend entirely on what you sell and how you sell.

Cyber insurance does vary considerably between insurers but there will always be security terms and conditions to adhere to. A good place to start is the https://ncsc.gov website

 

[Leon Gicquel]

Hi there,

Cyber Essentials certification comes with £25000 of cyber insurance.
The qualifying criteria are UK based company with less than £20M turnover.

 

[Helen FORSTER]

Hi Guys

I've only recently got product liability insurance for the products that I sell, and now i wan to look at E-Commerce/cyber insurance as well.

Who are you using and what is covered?

I did get a quote for this, but the get out clauses were everywhere. How do you make sure your systems match to the insurance requirments?

The scope of Cyber insurance varies considerably between insurers. Ultimately you probably want to get some guidance from an insurance broker.

We recently published blog on this on our website

We also have this guide which is aimed at e-commerce businesses.

If you need help then do get in touch

 

[MarcusUK21]

If you are using a platform such as Shopify would they not cover these risks too? Or is it advisable to take out liability insurance too? My business will be an online store but the products sourced through UK suppliers who deliver the products to the customer.

 

[cjd]

Amazon have just launched theirs

"Amazon has partnered with Superscript to start offering insurance to small and medium-sized businesses in the UK, with companies soon able to order cyber insurance via the tech giant. "

https://www.itpro.co.uk/security/cyber-security/361039/amazon-to-offer-cyber-insurance-to-uk-smbs

 

[MarcusUK21]

That’s interesting indeed. I will take a look.