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Why Data Insurance

Ever wondered why we all Insure our critical Hardware assets (which are easily replaceable), but never our critical Data that resides upon these assets (which is usually irreplaceable if lost)?

Data Insurance by CDS provides the only UK Policy to give you true protection from critical business Data loss. We have one golden rule… Should you experience a Data Loss event we return your lost Insured Data, and your business to a pre-loss state, or pay-out the indemnity value for the lost Data.

In today’s digital age and GDPR regulations now in force, the threat of losing business critical Data, and the need to evidence effective data management, is greater than it has ever been.

With 70% of our largest UK businesses (who claim to have the best data protection available) suffering from a cyber attack or data breach in the past 12 months, it is no wonder we are all seeking to mitigate the impacts of data loss to the lowest practicable level. Now CDS Data Insurance can help your business recover when disaster strikes!

How Data Insurance differs from Cyber Insurance

There is a world of difference between CDS Data Insurance and what we commonly refer to as Cyber Insurance.

Essentially Data Insurance protects YOU, Cyber Insurance seeks to cover the consequences of penalties and fines levied by your customers or third parties against you due to a Data Loss event.

Here is an overview of the differences between Data Insurance and Cyber Insurance:

compare data insurance with cyber insurance
Subject CDS Data Insurance Cyber Insurance
Data Asset Protection Recover the data or receive payment for its value No cover
Pre-conditions Copy of data stored in IDE Occurrence of a Cyber Attack
Rewards the Criminal in a Ransomware-attack No, you get the data back or paid the value and a Cyber Attack needs not to have occurred Yes, some policies include payment of the ransom; so hackers are effectively incentivised by the knowledge that you can claim on the insurance
Risks covered All Risks Consequential costs following a Cyber-attack only
Indemnity Value (Total) An agreed fair value between underwriter and client. Currently cover from £1,000,000 to £5,000,000 Cover varies by policy, typically the upper limit is determined by the amount of Personally Identifiable Information you hold
Limits and sub-limits No sub-limits. The value of each individual file is a pro-rate of the indemnity value for the data category Varies from policy to policy, limits apply to costs – e.g. the typical limit for data reconstitution is less than £50,000
Can the policy replace lost data? Yes No (reimburses some of the cost of reconstruction only)
Can the policy return “good data”? Yes, e.g. without the invading malware No
Cost of Penalties/Fines No Yes
All Risks cover (i.e. in the event of Fire) Yes No
Insurance Excess Fee charges No Yes, varies by type of expense, typically first £1,000
Claims Aggregation (sum of all claims in year) No Yes, if you claim more than once, the sum of the claims must be less than the insurance limit
Premium Cost based on £1m Indemnity Cover Typically 0.2% Typically 2%