Cyber Liability & Financial Crime

A Dedicated and Experienced in House Claims Team

We create insurance solutions to meet your needs

Assistance with Risk Management

Expert Advice from Over 60 Years of Experience

During the last five years there has been a dramatic increase in the number of cyber attacks and financial fraud to businesses throughout the UK.

From “ransomware” attacks, to fraudsters impersonating suppliers, banks and even the Managing Director, companies are increasingly vulnerable and need to consider insurance as a way of helping to mitigate these risks.

At the same time, the General Data Protection Regulation (GDPR) was adopted with the purpose of extending the scope of EU Data Protection Law for all companies. This regulation comes at a cost of strict data protection compliance with severe penalties up to 4% of worldwide turnover and companies must be accountable for losses.

It is important to note that cyber attacks and financial crimes are treated differently by insurance companies with separate policies and covers. A business should consider both in order to maximise protection to themselves.

Cyber Liability Insurance

As businesses become ever more reliant on technology, the risks in suffering a loss relating to problems on their computer systems or holding sensitive customer data continues to grow.

Loss of a laptop, a website being hacked, credit card data being stolen, a denial of service attack, or a file of sensitive information being left on a train; these can all have an impact on your business from loss of revenue, damage to reputation and legal regulatory costs.

The media continues to report on large companies being affected, but they rarely mention small and medium companies being attacked and from recent statistics, a “ransomware” attack occurs at least once a day.

There is a misconception that small companies will not be affected. Every company that holds sensitive customer information or is reliant on a computer system, has a website and is subject to the Payment Card Industry (PCI) merchant services agreements are vulnerable to a data breach. Though business owners are mindful and wary of risks to the business, a “spam” email may be opened by a junior employee which can paralyse a computer system and impact the business.

Suffering a cyber-attack is one thing, but the time it takes a business to recover can make the difference between long term business success or failure. Learning the lessons from a cyber-attack should be seen as an important part of any business’s cyber strategy but hackers are always one step ahead and with the changing economic climate everyone is vulnerable to attack. For UK businesses with 99 or fewer employees, the average estimated cost of their largest cyber incident over the last 12 months was £25,736, compared to £62,712 for UK businesses with 100 or more employees. Yet these amounts only reflect the immediate direct costs, and don’t include the longer-term impact on business reputation and consumer confidence.

A Cyber Liability Insurance policy provides various covers including:

Practical Support in the Event of a Data Breach:

Includes forensic investigations to find out what went wrong and whose data has been at risk, legal advice, notifying the regulator and customers and offering support to clients who have been affected.

Payments of Costs Associated with Regulatory Investigations:

If the regulator makes a claim against you for failing to keep customers data secure, an insurance policy will assist the policyholder.

Reimbursement for Costs of Repairs following Restoration or Replacement:

A hack to your website or network can cause damage and costs to repair / restore can be significant.

Loss of Income:

Damage to your website can result in a loss of revenue which could take weeks, if not longer to rectify.

Brand and Reputation:

Your company’s reputation is very important and notifying customers that their data has been compromised can have a significant impact, so it is important to act quickly, and we reassure the public the damage is minimal.


Insurers in some cases will look to pay the Ransom in order to minimise long term costs.

We understand the cyber risks to your business and can assist in addressing your concerns. It is your responsibility as a “data controller” to understand all the risks, including the “Outsource Service Provider” who may hold your data. From experience, an OSP’s contract omits any consequential loss should they be hacked resulting in a loss of your data. This is an emerging risk and poses a threat to any business using an Outsourced Service Provider for any part of the business.

Financial Crime and Fidelity

Though a Cyber Liability policy will assist your company should data be stolen, what happens if there is a financial theft?

Recent statistics say that 34% of companies have experienced a financial crime during the last two years, from employees stealing to fraudsters impersonating suppliers. One in ten of these companies incurred losses of over £3m and with the ever-increasing reliance on technology, it is believed that these statistics will only increase.

A Financial Crime or Fidelity policy provides cover for theft from the insured by anyone, whether employed by them or not, including cheque and security fraud, telephone hacking fraud and employee dishonesty.

As a business owner or director, you should continually monitor the processes of finance and insurers would expect an element of risk management. An insurance policy will also provide peace of mind should a mistake be made resulting in a fraudulent act being committed.

To find out more and to discuss your needs, please contact us on 01274 515 747 or email us at


Request a callback

Send us your details and we'll be in touch.

This field is for validation purposes and should be left unchanged.

Property Owners

If you own a property it is important to have appropriate insurance covers in place.
Learn More

Business Interruption

We would always recommend insuring on a Gross Revenue / Gross Profit basis, together with additional costs as from experience following a loss, the policyholder would have to spend more money than necessary in order to keep the business functioning
Learn More

Directors & Officers Liability

In today’s rapidly changing business climate, regulators are increasingly more vigilant about internal controls and corporate governance meaning the need for superior Directors and Officers Liability cover has never been greater.
Learn More

Professional Indemnity Insurance

Professional Indemnity insurance will cover expenses incurred in your defence if you are alleged to provide inadequate advice, services, design or specification resulting in your client losing money.
Learn More

Crisis Management, Kidnap & Ransom

Business people making trips to high risk countries around the globe can put themselves at risk from kidnapping, ransom and other types of crises.
Learn More


Have you considered Terrorism Insurance? Did you know that Terrorism cover is a standard exclusion from all UK insurance policies?
Learn More

Hauliers/Freight Forwarders Liability Insurance

As a haulier operating for hire and reward or a Freight Forwarder, you are exposed to claims in respect of your legal responsibilities for injury to your employees and public, together with property damage arising from your activities.
Learn More

Marine, Transit & Cargo Insurance

Cargo comes in all shapes and sizes and insurance plays a vital role in covering you from a variety of incidents that can occur while in transit.
Learn More

Legal Expenses

In the event of legal action, having an insurance policy to cover your costs is vital for your business.
Learn More

Commercial Combined

Commercial combined insurance is designed to provide cover to protect you against risks to your business and can be tailored to your requirements.
Learn More

Computer Insurance

Every business in the world now relies on computer and technology in order to keep its operations on track.
Learn More

Employers Liability

Employers’ Liability insurance is a legal requirement and failure can lead to you being handed significant fines.
Learn More

Products Liability

Having Product Liability Insurance is essential for your business if you supply a product.
Learn More

Public Liability

Public Liability Insurance is essential cover for businesses offering protection against compensation claims if clients, suppliers or the public suffer injury or property damage because of your business.
Learn More

Contract Works Insurance

Whether your building project is straightforward or complex, you should have a contract that clearly outlines the project’s essential details.
Learn More

Employment Practices Liability

Employee litigation is currently on the rise, making it even more essential to have Employment Practices Liability Insurance in place.
Learn More

Engineering Inspection Cover & Machinery Insurance

It is a legal requirement for regular engineering inspections of lifting and pressurised machinery and equipment in your commercial premises.
Learn More

Group Travel Insurance

Having company Travel Insurance is beneficial to protect the key people of your business who regularly have to travel.
Learn More

Machinery Movement

Machinery Movement Insurance covers you for any installed machinery or equipment in your possession at a specified location.
Learn More

Motor Fleet Insurance

Motor insurance is a legal requirement, and Motor Fleet Insurance is a more flexible approaching to insuring vehicles used by a company.
Learn More

Motor trade insurance

Motor trade insurance is a vital requirement for anyone buying, selling or running a car garage.
Learn More

Shops Insurance

Shop Insurance is primarily designed to provide cover for all areas of a retail business with commercial premises.
Learn More

Tradesman Insurance

There are thousands of different tradesmen all with varying needs of insurance due to the levels of risks with their work.
Learn More

Product Recall Insurance

Product Recall InsuranceA Dedicated and Experienced in House Claims TeamWe create insurance solutions to meet your needsAssistance with Risk ManagementExpert Advice from Over 60 Years of ExperienceAny business selling goods to the public, particularly those in the food and drink
Learn More

Intellectual Property Insurance

Intellectual Property InsuranceA Dedicated and Experienced in House Claims TeamWe create insurance solutions to meet your needsAssistance with Risk ManagementExpert Advice from Over 60 Years of ExperienceDo you have intellectual property that is Copyrighted, Patented or Trade Marked, are you
Learn More

Credit Insurance

Credit InsuranceA Dedicated and Experienced in House Claims TeamWe create insurance solutions to meet your needsAssistance with Risk ManagementExpert Advice from Over 60 Years of ExperienceCredit and its associated problems are huge concerns in business, so how do you protect
Learn More

Life Science Insurance

Life Science InsuranceA Dedicated and Experienced in House Claims TeamWe create insurance solutions to meet your needsAssistance with Risk ManagementExpert Advice from Over 60 Years of ExperienceFlexible InsuranceProtecting your FutureFamily and CommunityThe life science sector is continually evolving, and insurance
Learn More

Technology Professional Indemnity Insurance

Technology Professional Indemnity InsuranceA Dedicated and Experienced in House Claims TeamWe create insurance solutions to meet your needsAssistance with Risk ManagementExpert Advice from Over 60 Years of ExperienceFlexible InsuranceProtecting your FutureFamily and CommunityTechnology Professional Indemnity (PI) safeguards professionals and companies
Learn More

Signup to the l wood newsletter to receive tips, guidance and news.

For further details on how your data is used and stored, read our Privacy Policy

This field is for validation purposes and should be left unchanged.