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Cyber Insurance for Mid-Market and Corporate Offices

Safeguarding finance and reputation in a digital world

Within the realm of mid-market enterprises, where revenues range from €50 million to €1 billion, the spectre of cyber threats looms large. Nearly one third of Irish companies have experienced a data breach since 2020, and 90% of Irish organisations believe their organisation is exposed to cyber risks.1 The ever-evolving threat of digital crime can present a greater risk than just financial loss for companies, too. A cyber incident can expose them to reputational damage that ultimately puts their livelihood at risk.

Travelers understands the reality of these risks, so we offer a comprehensive corporate cyber insurance policy aimed at both prevention and recovery. Our holistic service commitment includes a dedicated claims handler and invaluable support from breach coaches. With a Travelers cyber policy, businesses will get vital help to operate confidently in a complex digital environment.

Our appetite

     

We cover

These fall within our appetite, and we’re happy to discuss details.

  • Accounting
  • Agriculture
  • Car dealership
  • Construction
  • Financial institutions
  • Hotels/restaurants
  • Insurance brokers
  • Law firms
  • Logistics (advisory/freight fwd)
  • Manufacturing
  • Marketing/media
  • Mining
  • Non-profit/charities
  • Nursing/retirement
  • Professional services
  • Property manager/real estate
  • Recruiting
  • Retail
  • Schools and universities
  • Small healthcare
  • Small government
  • Travel/tour operator
  • Veterinarian
  • Waste management
  • Wholesaler

 

We do not cover

Sorry, we’re currently unable to insure the following.

  • Adult entertainment
  • Airline
  • Critical infrastructure
  • Cryptocurrency
  • Debt collection
  • Emergency services
  • Electricity/gas utility
  • Healthcare (NHS affiliated)
  • MSPs/cyber security
  • Payment processors
  • Political entities
  • Primary UK technology
  • Real time trading
  • Social media
  • Ticketing agency/software
  • Tobacco/cannabis
  • Water utility  

Travelers advantage

In a world of growing digital crime, cyber operations don’t always go to plan. Travelers offers expertise which mid-market and corporate businesses can count on to both prevent and address the evolving digital risks they face, thanks to a detailed and bespoke underwriting process.

Mid-market & corporate cyber covers & highlights

  • Forensic investigations

  • Litigation expenses associated with the breach

  • Regulatory defence expenses/fines

  • Crisis management expenses 

  • Business interruption

  • Cyber extortion

  • Post-breach coverage

    • Betterment
      • Computer system improvement costs

Add-ons & extensions

These items may be available to add on to your policy

  • Increase limits
  • Policy endorsements 

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Technology

As the technology sector changes, insurance protection needs to evolve with it. Travelers can help anticipate potential risks so clients have more freedom to innovate.

Management liability

When losses and lawsuits pose professional and personal risks to a company’s leaders, management liability insurance can help them stay focused on running the business.

Professional indemnity combined

Travelers’ professional indemnity (PI) combined product offers a comprehensive and convenient insurance solution, covering PI, property, liability and cyber fundamentals, with an option to include legal expenses.

Let’s start the right conversation

 
For business

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If you’re looking for covers and have a broker, ask about Travelers products.

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Need to call us directly? Contact us.

 
For brokers

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Let’s work together to build the right cover for your client.

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Cyber risk landscape

Breaches in sensitive information

A hacker obtains sensitive personal information from a business’s computer system. The resulting consequence being that the Data Protection Commission brings a regulatory action against them.

With a Travelers cyber policy, this business can have the costs covered for responding to regulatory claims stemming from the data breach, including any resulting fines or penalties (where insurable by law).

Identity fraud

A fraudster hacks into a business’s internal processing system, resulting in names, addresses and National Insurance numbers for more than 50,000 of their customers being captured from the system, requiring a notification to all 50,000 customers.

With a Travelers cyber policy, coverage could include costs of delivering the notice to all impacted customers and to provide credit monitoring, a call centre and an ID fraud policy for impacted individuals. 

Physical theft leading to data exposure

A business’s chief financial officer (CFO) has their laptop stolen. This laptop contains more than 100,000 customer records, including National Insurance numbers.

With a Travelers cyber policy, costs for hiring a public relations firm to mitigate negative publicity generated from the incident would be covered. 

Hack of business processing system

A business suspects that a fraudster hacked into its internal processing system after the police notifies them of identity theft impacting a number of their customers.

With a Travelers cyber policy, coverage can include the cost of engaging a forensics provider to contain the breach and determine its scope, and legal costs to determine the insured’s notification obligations under relevant privacy laws. The business could also be provided with other services to assist them in responding to and managing the breach.

System hack leading to theft

An organised crime ring gains unauthorised access to a business’s accounts payable in their computer system and alters the bank routing information on outgoing payments. This results in a €100,000 transfer to the crime ring’s account.

A Travelers cyber insurance policy could reimburse the insured’s funds. 

Inoperable computer system

A cloud services provider has their system infiltrated by malware, rendering it inoperable, resulting in a business being shut down for an extended period as they were unable to access their data.

Should this business have a Travelers cyber policy, they would have received payment for both lost income because of the disruption and expenses incurred to restore operations.

Malware attack damaging reputation

A business’s system is compromised by malware that permits an unknown third party to gain access to 100,000 customer records containing personally identifiable information. Following an investigation and notification to affected individuals, the local media runs an article about the event, damaging the business’s reputation.

With a Travelers cyber policy, the business affected can be indemnified for the lost income. 

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1 https://digitalwell.com/blogs/cybersecurity-landscape-ireland-and-the-uk/