Why Cyber Insurance is being talked about

One of the most talked about business insurances we offer to the Travel Sector is Cyber Insurance.

Cyber insurance protects a Travel Company’s business from the expenses following a cyber incident or data breach and provides experienced technical support in the recovery process.  Comprehensive Cyber cover is important as Travel Organisers are very vulnerable to cybercrime.

According to the latest report from the World Travel and Tourism Council, more than 7 out of 10 (72%) SMEs in the UK, US and Europe, have fallen victim to at least one cyber-attack.

The personal information a travel company holds is very important to hackers:

  • extensive customer profiles and personal data
  • multiple payment methods, transaction systems, retained payment details.

How a travel company operates can leave them more exposed to an attack:

  • vulnerable employees – home workers, high staff turnover, sometimes inconsistent and incomplete training
  • risk exposure from third parties in Travel Organisers’ supply chain

We have also learnt* that a business becoming insolvent from a cyber attack or data breach is now a credible scenario, due to:

  • reputational damage from customers, suppliers, and regulators
  • lost business as time and money is spent on recovering business to pre-attack normal
  • direct loss of productivity as employees cannot work and systems cannot be accessed.

* Travolution Cyber Event 2022

All of the above is why it is very timely for Travel Organisers to look into the benefits of the Cyber Policy we recommend.

Our policy includes:

  • Cyber Restoration – Covers costs to replace, restore or repair data, software and hardware that has been lost or damaged.
  • Data breach – Collation of information and notification of breach to affected parties and/or the ICO (UK).  Expert to provide advice to minimise publicity and reputational damage.
  • Court Attendance – Compensation for attending court as a witness in connection with a claim against you.
  • Credible Threat or Ransom demand – Expert to provide advice to minimise publicity and reputational damage.
  • Business Interruption – Following a cyber event or data breach loss of income and increased cost of working during the interruption period but not exceeding a maximum period of 6 months, resulting from:
    • Interruption or interference to your business and cancellation of contracts by customers due to reputational harm.
    • Cyber Liability – Covers any award of damages and defence costs following an actual or alleged data breach.

To find out more contact Nicola Payne or John Shaw teamtravel@travel-general.com  or 0207 065 5380.